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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________________ to ______________________

Commission File Number 000-26121

LCNB Corp.

(Exact name of registrant as specified in its charter)

Ohio			31-1626393
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

2 North Broadway, Lebanon, Ohio 45036

(Address of principal executive offices, including Zip Code)

(513) 932-1414

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of Each Class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, No Par Value			LCNB			NASDAQ

Securities registered pursuant to 12(g) of the Exchange Act:

None

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Table of Contents

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated filer ☐ Accelerated filer ☐☒

Non-accelerated filer ☒ ☐ Smaller reporting company ☒☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

The aggregate market value of the registrant’s outstanding voting common stock held by nonaffiliates on June 30, ~~2024~~2025, determined using a per share closing price on that date of $1314.9153 as quoted on the NASDAQ Capital Market, was $~~185~~205,~~462~~966,~~962~~252.

As of March 1211, ~~2025~~2026, 14,~~157~~237,~~962~~966 common shares were issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement included in the Notice of Annual Meeting of Shareholders to be held ~~May~~April 1927, ~~2025~~2026, which Proxy Statement will be mailed to shareholders within 120 days from the end of the fiscal year ended December 31, ~~2024~~2025 are incorporated by reference into Part III.

Table of Contents

LCNB CORP.

For the Year Ended December 31, ~~2024~~2025

TABLE OF CONTENTS

PART I			4
Item 1. Business			5
Item 1A. Risk Factors			1718
Item 1B. Unresolved Staff Comments			2425
Item 1C. Cybersecurity			2425
Item 2. Properties			2526
Item 3. Legal Proceedings			2526
Item 4. Mine Safety Disclosures			2526
PART II			2627
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities.			2627
Item 6. [Reserved]			2729
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations			2729
Item 7A. Quantitative and Qualitative Disclosures About Market Risk			3941
Item 8. Financial Statements and Supplementary Data			4042
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			4042
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			4244
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures			9998
Item 9A. Controls and Procedures			9998
Item 9B. Other Information			9998
Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections			9998
PART III			~~100~~99
Item 10. Directors, Executive Officers and Corporate Governance			~~100~~99
Item 11. Executive Compensation			~~100~~99
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.			~~100~~99
Item 13. Certain Relationships and Related Transactions, and Director Independence			~~101~~100
Item 14. Principal Accountant Fees and Services			~~101~~100
PART IV			~~102~~101
Item 15. Exhibit and Financial Statement Schedules			~~102~~101
SIGNATURES			~~103~~102

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

PART I

Glossary of Abbreviations and Acronyms

ACL		Allowance for Credit Losses
AFS		Available-for-Sale
ASC		Accounting Standards Codification
ASU		Accounting Standards Update
Bank		LCNB National Bank
BSA		Bank Secrecy Act
CECL		Current Expected Credit Losses
CEO		Chief Executive Officer
CFO		Chief Financial Officer
CFPB		Consumer Financial Protection Bureau
Citizens National		Citizens National Bank
CNNB		Cincinnati Bancorp, Inc.
Company		LCNB Corp. and its consolidated subsidiaries as a whole
CRA		Community Reinvestment Act of 1977
DCF		Discounted Cash Flow
DIF		Deposit Insurance Fund
Dodd-Frank Act		Dodd-Frank Wall Street Reform and Consumer Protection Act
EFBI		Eagle Financial Bancorp, Inc.
FASB		Financial Accounting Standards Board
FDIC		Federal Deposit Insurance Corporation
FFIEC		Financial Institutions Examination Council
FHLB		Federal Home Loan Bank
FOMC		Federal Open Market Committee of the Federal Reserve System
GAAP		Generally Accepted Accounting Principles
HTM		Held-to-Maturity
ICS		Insured Cash Sweep
IRA		Individual Retirement Account
LCNB		LCNB Corp. and its consolidated subsidiaries as a whole
LDA		Loss Driver Analysis
LGD		Loss Given Default
LRA		Lender Risk Account
OAEM		Other Assets Especially Mentioned
OCC		Office of the Comptroller of the Currency
PCD		Purchased Credit Deteriorated
PD		Probability of Default
SEC		Securities and Exchange Commission

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

Item 1. Business

FORWARD-LOOKING STATEMENTS

Certain statements made in this document regarding LCNB’s financial condition, results of operations, plans, objectives, future performance and business, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “might”, “plan”, and similar expressions.

These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNB’s business and operations. Additionally, LCNB’s financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:

the success, impact, and timing of the implementation of LCNB’s business strategies;

2. LCNB’s ability to integrate recent and future acquisitions, ~~including CNNB and EFBI,~~ may be unsuccessful, or may be more difficult, time-consuming, or costly than expected;

LCNB may incur increased loan charge-offs in the future and the allowance for credit losses may be inadequate;

4. LCNB may face competitive loss of customers to both bank and nonbank financial institutions;

changes in the interest rate environment, either by interest rate increases or decreases, may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;

6. changes in general economic conditions, including the potential economic impacts of a prolonged U.S. government shutdown, and increased competition could adversely affect LCNB’s operating results;

7. changes in or instability regarding regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB’s operating results;

LCNB may experience difficulties growing loan and deposit balances;

9. United States trade relations with foreign countries could negatively impact the financial condition of LCNB's customers, which could adversely affect LCNB 's operating results and financial condition;

10.

global and/or geopolitical relations and/or conflicts could create financial market uncertainty and have negative impacts on commodities, currency, and stability, which could adversely affect LCNB's operating results and financial condition;

11.

difficulties with technology or data security breaches, including cyberattacks or widespread outages, could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;

12.

adverse weather events and natural disasters and global and/or national epidemics could negatively affect LCNB's customers given its concentrated geographic scope, which could impact LCNB's operating results; and

13.

government intervention in the U.S. financial system, including the effects of legislative, tax, accounting, and regulatory actions and reforms, including the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, changes in deposit insurance premium levels, and any such future regulatory actions or reforms.

Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist shareholders and potential investors in understanding current and anticipated financial operations of LCNB and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. LCNB undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.

-5-

Table of Contents

LCNB CORP. AND SUBSIDIARIES

DESCRIPTION OF LCNB'S BUSINESS

General Description

LCNB Corp., an Ohio corporation formed in December 1998, is a financial holding company headquartered in Lebanon, Ohio. Substantially all of the assets, liabilities and operations of LCNB Corp. are attributable to its wholly-owned subsidiary, LCNB National Bank. The predecessor of LCNB Corp., the Bank, was formed as a national banking association in 1877. On May 19, 1999, the Bank became a wholly-owned subsidiary of LCNB Corp. LCNB Risk Management, Inc., a captive insurance agency, was incorporated in Nevada by LCNB Corp. during the second quarter of 2017.

Loan products offered include commercial and industrial loans, commercial and residential real estate loans, agricultural loans, construction loans, various types of consumer loans, and Small Business Administration loans. The Bank's residential mortgage lending activities consist primarily of loans for purchasing or refinancing personal residences, home equity lines of credit, and loans for commercial or consumer purposes secured by residential mortgages. Consumer lending activities include automobile, boat, home improvement, and personal loans.

The Wealth Management Division of the Bank provides complete trust administration, estate settlement, and fiduciary services and also offers investment management of trusts, agency accounts, individual retirement accounts, and foundations/endowments.

Security brokerage services are offered by the Bank through arrangements with LPL Financial LLC, a registered broker/dealer. Licensed brokers offer a full range of investment services and products, including financial needs analysis, mutual funds, securities trading, annuities, and life insurance.

Other services offered include safe deposit boxes, night depositories, cashier's checks, bank-by-mail, ATMs, cash and transaction services, debit cards, wire transfers, electronic funds transfer, utility bill collections, notary public service, cash management services, 24-hour telephone banking, PC Internet banking, mobile banking, and other services tailored for both individuals and businesses.

The Bank is not dependent upon any one significant customer or specific industry. Business is not seasonal to any material degree.

The address of the main office of the Bank is 2 North Broadway, Lebanon, Ohio 45036; telephone (513) 932-1414.

Primary Market Area

The Bank considers its primary market area to consist of counties where it has a physical presence and neighboring counties, which includes Southwestern and South Central Ohio and Northern Kentucky. At December 31, ~~2024~~2025, the Bank had:

• 3635 offices, including a main office in Warren County, Ohio and branch offices in Warren, Butler, Clinton, Clermont, Fayette, Franklin, Hamilton, Montgomery, Preble, and Ross Counties in Ohio ~~and one office in Boone County~~, ~~Kentucky,~~

• an Operations Center in Warren County, Ohio,

	•	an Operations Center in Warren County, Ohio, and
	•	34 ATMs.

• and 39 ATMs.

The Florence Office, located in Boone County, Kentucky, closed at the end of the business day on February 27, 2025.

Competition

The Bank faces strong competition both in making loans and attracting deposits. The deregulation of the banking industry and the ~~wide~~widespread ~~spread~~ enactment of state laws that permit multi-bank holding companies as well as the availability of nationwide interstate banking has created a highly competitive environment for financial services providers. The Bank competes with other national and state banks, savings and loan associations, credit unions, finance companies, mortgage brokerage firms, realty companies with captive mortgage brokerage firms, mutual funds, insurance companies, cryptocurrency companies, brokerage and investment banking companies, Financial Technology or "FinTech" companies including decentralized finance and cryptocurrency, and other financial intermediaries operating in its market and elsewhere, many of whom have substantially larger financial and managerial resources.

The Bank seeks to minimize the competitive effect of other financial institutions through a community banking approach that emphasizes direct customer access to the Bank's CEO, President, and other officers in an environment conducive to friendly, informed, and courteous personal services. Management believes that the Bank is well-positioned to compete successfully in its primary market area. Competition among financial institutions is based upon interest rates offered on deposit accounts, interest rates charged on loans and other credit and service charges, availability of electronic banking services, the quality and scope of the services rendered, and the convenience of banking facilities and electronic banking technologies.

The ability to access and use technology, including the use of artificial intelligence, is an increasingly competitive factor in the financial services industry. Technology relating to the delivery of financial services, the security and privacy of customer information, and the processing of information is evolving rapidly. LCNB ~~must~~ continually ~~make~~makes technology investments to remain competitive in the financial services industry.

Management believes the commitment of the Bank to personal service, innovation, and involvement in the communities and primary market areas it serves, as well as its commitment to quality community banking service, are factors that contribute to its competitive advantage.

-6-

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LCNB CORP. AND SUBSIDIARIES

Supervision and Regulation

Both federal and state laws extensively regulate bank holding companies, financial holding companies, and banks. These laws (and the regulations promulgated thereunder) are primarily intended to protect depositors and the DIF of the FDIC. The following information describes particular laws and regulatory provisions relating to financial holding companies and banks. This discussion is qualified in its entirety by reference to the particular laws and regulatory provisions. A change in any of these laws or regulations or in their enforcement may have a material effect on our business and the business of our subsidiaries.

Bank Holding Companies and Financial Holding Companies

LCNB elected to become a financial holding company on April 11, 2000. A financial holding company is essentially a bank holding company with significantly expanded powers. Under the Gramm-Leach-Bliley Act, in addition to traditional lending activities, the following activities are among those that are deemed “financial in nature” for financial holding companies: securities underwriting, dealing in or making a market in securities, sponsoring mutual funds and investment companies, insurance underwriting and agency activities, activities which the Federal Reserve Board determines to be closely related to banking, and certain merchant banking activities.

As a financial holding company, LCNB has very broad discretion to affiliate with securities firms and insurance companies, provide merchant banking services, and engage in other activities that the Federal Reserve Board has deemed financial in nature. In order to continue as a financial holding company, LCNB must continue to be well-capitalized, well-managed, and maintain compliance with the Community Reinvestment Act. Depending on the types of financial activities that LCNB may elect to engage in, under the Gramm-Leach-Bliley Act’s functional regulation principles, it may become subject to supervision by additional government agencies. The election to be treated as a financial holding company increases LCNB's ability to offer financial products and services that historically it was either unable to provide or was only able to provide on a limited basis. As a result, LCNB faces increased competition in the markets for any new financial products and services that it may offer. Likewise, an increased amount of consolidation among banks and securities firms or banks and insurance firms could result in a growing number of large financial institutions that could compete aggressively with LCNB.

The Bank is subject to the provisions of the National Bank Act. The Bank is subject to primary supervision, regulation, and examination by the OCC. The Bank is also subject to the rules and regulations of the Board of Governors of the Federal Reserve System and the FDIC.

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LCNB CORP. AND SUBSIDIARIES

Banking Operations.

LCNB Corp. and the Bank are subject to an extensive array of banking laws and regulations that are intended primarily for the protection of the Bank’s customers and depositors. These laws and regulations govern such areas as permissible activities, loans and investments, and rates of interest that can be charged on loans and reserves. LCNB Corp. and the Bank also are subject to general U.S. federal laws and regulations and to the laws and regulations of the State of Ohio. Set forth below are brief descriptions of selected laws and regulations applicable to LCNB Corp. and the Bank.

Safe and Sound Banking Practices.

Bank holding companies are not permitted to engage in unsafe and unsound banking practices. The Federal Reserve Board’s Regulation Y, for example, generally requires a holding company to give the Federal Reserve Board prior notice of any redemption or repurchase of its own equity securities, if the consideration to be paid, together with the consideration paid for any repurchases or redemptions in the preceding year, is equal to 10% or more of the bank holding company’s consolidated net worth. The Federal Reserve Board may oppose the transaction if it believes that the transaction would constitute an unsafe or unsound practice or would violate any law or regulation. Depending upon the circumstances, the Federal Reserve Board could take the position that paying a dividend would constitute an unsafe or unsound banking practice.

The Federal Reserve Board has broad authority to prohibit activities of bank holding companies and their nonbanking subsidiaries which represent unsafe and unsound banking practices or which constitute violations of laws or regulations, and can assess civil money penalties for certain activities conducted on a knowing and reckless basis, if those activities caused a substantial loss to a depository institution. The penalties can be as high as $1.0 million for each day the activity continues.

Deposit Insurance Coverage and Assessments

The Bank is FDIC insured. Through the DIF, the FDIC provides deposit insurance protection that covers all deposit accounts in FDIC-insured depository institutions up to applicable limits (currently $250~~,000~~ thousand per depositor).

The Bank must pay assessments to the FDIC under a risk-based assessment system for this federal deposit insurance protection. FDIC-insured depository institutions pay insurance premiums at rates based on their risk classification. Institutions assigned to higher risk classifications (i.e., institutions that pose a greater risk of loss to the DIF) pay assessments at higher rates than institutions assigned to lower risk classifications. An institution’s risk classification is assigned based on its capital levels and the level of supervisory concern the institution poses to bank regulators. In addition, the FDIC can impose special assessments to cover shortages in the DIF and has imposed special assessments in the past.

On October 18, 2022, the FDIC issued a final rule that increased the initial base deposit insurance assessment rate paid by insured depository institutions by two basis points, beginning with the first quarterly assessment period of 2023. According to the FDIC, the new assessment rate increases the likelihood that its designated reserve ratio will reach the required minimum level of 1.35% by the statutory deadline of September 30, 2028 and will support progress toward achieving the long-term goal of a 2% ratio. The increase will remain in effect until the long-term goal of a 2% FDIC designated reserve ratio is achieved. Progressively lower assessment rates will take effect when the reserve ratio reaches 2% and again when the reserve ratio reaches 2.5%.

Under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, an FDIC-insured depository institution can be held liable for any losses incurred by the FDIC in connection with (1) the “default” of one of its FDIC-insured subsidiaries or (2) any assistance provided by the FDIC to one of its FDIC-receivers. “In danger of default” is defined generally as the existence of certain conditions indicating that a default is likely to occur in the absence of regulatory assistance. LCNB has never received an "in danger of default" categorization.

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Dividends

LCNB Corp. is a legal entity separate and distinct from the Bank. LCNB Corp. receives most of its revenue from dividends paid to it by the Bank. During the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, dividends paid by LCNB National Bank to LCNB Corp. totaled $2115.1 million,~~950,000,~~ $2922.0 million,~~000,000,~~ and $~~16,950,000,~~29.0 million, respectively.

Described below are some of the laws and regulations that apply when either LCNB Corp. or the Bank pay or are paid dividends.

The Federal Reserve Board and the OCC have issued policy statements that recommend that bank holding companies and insured banks should generally only pay dividends to the extent net income is sufficient to cover both cash dividends and a rate of earnings retention consistent with capital needs, asset quality, and overall financial condition. Further, the Federal Reserve Board’s policy provides that bank holding companies should not maintain a level of cash dividends that undermines the bank holding company’s ability to serve as a source of strength to its banking subsidiaries. In addition, the Federal Reserve Board has indicated that each bank holding company should carefully review its dividend policy and has discouraged payment ratios that are at maximum allowable levels, which is the maximum dividend amount that may be issued and allow the Company to still maintain its target tier 1 capital ratio, unless both asset quality and capital are very strong.

To pay dividends, the Bank must maintain adequate capital above regulatory guidelines. Under federal law, the Bank cannot pay a dividend if, after paying the dividend, the Bank would be “undercapitalized.” National banks are required by federal law to obtain the prior approval of the OCC in order to declare and pay dividends if the total of all dividends declared in any calendar year would exceed the total of (1) such bank’s net profits (as defined and interpreted by regulation) for that year plus (2) its retained net profits (as defined and interpreted by regulation) for the preceding two calendar years, less any required transfers to surplus. If dividends exceed net profit for a year, a bank is generally not required to carry forward the negative amount resulting from such excess if the bank can attribute the excess to the preceding two years. If the excess is greater than the bank's previously undistributed net income for the preceding two years, prior OCC approval of the dividend is required and a negative amount would be carried forward in future dividend calculations. In addition, these banks may only pay dividends to the extent that retained net profits (including the portion transferred to surplus) exceed bad debts (as defined by regulation).

Affiliate Transactions

The Company and the Bank and other subsidiaries are "affiliates" within the meaning of the Federal Reserve Act. The Federal Reserve Act imposes limitations on a bank with respect to extensions of credit to, investments in, and certain other transactions with, its parent bank holding company and the holding company’s other subsidiaries. Loans and extensions of credit from the Bank to its affiliates are also subject to various collateral requirements. Further, the Bank's authority to extend credit to the Company's directors, executive officers, and principal shareholders, including their immediate family members, corporations, and other entities that they control, is subject to the restrictions and additional requirements of the Federal Reserve Act and Regulation O promulgated thereafter. These statutes and regulations impose specific limits on the amount of loans the Bank may make to directors and other insiders, and specify approval procedures that must be followed in making loans that exceed certain amounts.

Capital

LCNB and the Bank are each required to comply with applicable capital adequacy standards established by the Federal Reserve Board and the OCC, respectively. The current risk-based capital standards applicable to LCNB and the Bank are based on the December 2010 final capital framework for strengthening international capital standards, known as Basel III.

In July 2013, the federal bank regulators approved final rules (the “Basel III Rules”) implementing the Basel III framework as well as certain provisions of the Dodd-Frank Act. The Basel III Rules substantially revised the risk-based capital requirements applicable to bank holding companies and their depository institution subsidiaries. The Basel III Rules became effective for LCNB and the Bank on January 1, 2015 (subject to a phase-in period for certain provisions).

The Basel III Rules established three components of regulatory capital: (1) common equity tier 1 capital (“CET1”), ; (2) additional tier 1 capital, ; and (3) tier 2 capital. Tier 1 capital is the sum of CET1 and additional tier 1 capital instruments meeting certain revised requirements. Total capital is the sum of tier 1 capital and tier 2 capital. Under the Basel III Rules, for most banking organizations, the most common form of additional tier 1 capital is non-cumulative perpetual preferred stock and the most common form of tier 2 capital is subordinated notes and a portion of the allocation for loan and lease losses, in each case, subject to the Basel III Rules’ specific requirements. LCNB Corp. does not have any non-cumulative perpetual preferred stock or subordinated notes.

Under the Basel III Rules, the minimum capital ratios effective as of January 1, 2015 are: (i) 4.5% CET1 to risk-weighted assets; (ii) 6.0% tier 1 capital to risk-weighted assets; (iii) 8.0% total capital to risk-weighted assets; and (iv) 4.0% tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”). The Basel III Rules established a “capital conservation buffer” of 2.5% above the new regulatory minimum risk-based capital requirements. The conservation buffer, when added to the capital requirements, resulted in the following minimum ratios: (i) a CET1 risk-based capital ratio of 7.0%, ; (ii) a tier 1 risk-based capital ratio of 8.5%, and (iii) a total risk-based capital ratio of 10.5%. An institution is subject to limitations on certain activities including payment of dividends, share repurchases, and discretionary bonuses to executive officers if its capital level is below the buffer amount. With respect to the Bank, the Basel III Rules also revised the “prompt corrective action” regulations pursuant to Section 38 of the Federal Deposit Insurance Act, as discussed below under “Prompt Corrective Action.”

With respect to the Bank, the Basel III Rules also revised the “prompt corrective action” regulations pursuant to Section 38 of the Federal Deposit Insurance Act, as discussed below under “Prompt Corrective Action.”

See Note 15 - Regulatory Matters and Impact on Payment of Dividends of the consolidated financial statements for more information concerning LCNB's compliance with regulatory capital ratios.

In November 2019, the federal banking regulators published final rules implementing a simplified measure of capital adequacy for certain banking organizations that have less than $10 billion in total consolidated assets. Under the final rules, which went into effect on January 1, 2020, depository institutions and depository institution holding companies that have less than $10 billion in total consolidated assets and meet other qualifying criteria, including a leverage ratio of greater than 9%, off-balance-sheet exposures of 25% or less of total consolidated assets, and trading assets plus trading liabilities of 5% or less of total consolidated assets, are deemed “qualifying community banking organizations” and are eligible to opt into the “community bank leverage ratio framework.” A qualifying community banking organization that elects to use the community bank leverage ratio framework and that maintains a leverage ratio of greater than 9% is considered to have satisfied the generally applicable risk-based and leverage capital requirements under the Basel III Rules and, if applicable, is considered to have met the “well capitalized” ratio requirements for purposes of its primary federal regulator’s prompt corrective action rules, discussed below. LCNB Corp. and the Bank have not opted to use the community bank leverage ratio framework, but may make such an election in the future.

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Prompt Corrective Action

A banking organization’s capital plays an important role in connection with regulatory enforcement as well. Federal law provides the federal banking regulators with broad power to take prompt corrective action to resolve the problems of undercapitalized institutions. The extent of the regulators’ powers depends on whether the institution in question is “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” or “critically undercapitalized,” in each case as defined by regulation. Depending upon the capital category to which an institution is assigned, the regulators’ corrective powers include: (i) requiring the institution to submit a capital restoration plan; (ii) limiting the institution’s asset growth and restricting its activities; (iii) requiring the institution to issue additional capital stock (including additional voting stock) or to be acquired; (iv) restricting transactions between the institution and its affiliates; (v) restricting the interest rate that the institution may pay on deposits; (vi) ordering a new election of directors of the institution; (vii) requiring that senior executive officers or directors be dismissed; (viii) prohibiting the institution from accepting deposits from correspondent banks; (ix) requiring the institution to divest certain subsidiaries; (x) prohibiting the payment of principal or interest on subordinated debt; and (xi) ultimately, appointing a receiver for the institution.

Under current regulations, the Bank was “well capitalized” as of December 31, ~~2024~~2025.

Community Reinvestment Act of 1977

The CRA subjects a bank to regulatory assessment to determine if the institution meets the credit needs of its entire community, including low-and moderate-income neighborhoods served by the bank, and to take that determination into account in its evaluation of any application made by such bank for, among other things, approval of the acquisition or establishment of a branch or other depository facility, an office relocation, a merger, or the acquisition of shares of capital stock of another financial institution. The regulatory authority prepares a written evaluation of an institution’s record of meeting the credit needs of its entire community and assigns a rating. These ratings are “Outstanding,” “Satisfactory,” “Needs Improvement,” and “Substantial Non-Compliance.” Institutions with ratings lower than “Satisfactory” may be restricted from engaging in the aforementioned activities. Management believes the Bank has taken and takes significant actions to comply with the CRA and it received a “Satisfactory” rating in its most recent review by federal regulators with respect to its compliance with the CRA.

On October 24, 2023, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC released a final rule that significantly changes how all but the smallest banks will be evaluated for compliance with the CRA. Under the new regulations, banks with $2 billion or more in assets will be evaluated under a Retail Lending Test, a Retail Services and Products Test, a Community Development Financing Test, and a Community Development Services Test. Banks with total assets of $600 million or more and less than $2 billion will be evaluated under the Retail Lending Test and, at the bank's option, either the current Intermediate Bank Community Development Test or the new Community Development Financing Test. The final rule became effective on April 1, 2024 with staggered compliance dates of January 1, 2026 and January 1, 2027. On July 16, 2025, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC issued a proposal to rescind the CRA final rule issued in October 2023 and to replace it with the prior CRA regulations. The prior CRA regulations currently remain in effect.

BSA and AML

Under the BSA, financial institutions are required to monitor and report unusual or suspicious account activity that might signify money laundering, tax evasion, or other criminal activities, as well as transactions involving the transfer or withdrawal of amounts in excess of prescribed limits. The BSA is sometimes referred to as an “anti-money laundering” law (“AML”). Several AML acts, including provisions in Title III of the USA PATRIOT Act of 2001, have been enacted to amend the BSA. Under the USA PATRIOT Act, financial institutions are subject to prohibitions against specified financial transactions and account relationships as well as enhanced due diligence and “know your customer” standards in their dealings with financial institutions and foreign customers.

In addition, under the USA PATRIOT Act, the Secretary of the U.S. Department of the Treasury ("Treasury") has adopted rules addressing a number of related issues, including increasing the cooperation and information sharing between financial institutions, regulators, and law enforcement authorities regarding individuals, entities, and organizations engaged in, or reasonably suspected based on credible evidence of engaging in, terrorist acts or money laundering activities. Any financial institution complying with these rules will not be deemed to violate the privacy provisions of the Gramm-Leach-Bliley Act that are discussed below. Finally, under the regulations of the Office of Foreign Asset Control ("OFAC") financial institutions are required to monitor and block transactions with certain “specially designated nationals” who OFAC has determined pose a risk to U.S. national security.

Incentive Compensation

LCNB is subject to regulatory rules and guidance regarding employee incentive compensation policies intended to ensure that incentive-based compensation does not undermine the safety and soundness of the institution by encouraging excess risk-taking. LCNB's incentive compensation arrangements must provide employees with incentives that appropriately balance risk and reward and do not encourage imprudent risk, be compatible with effective controls and risk managements, and be supported by strong corporate governance, including active and effective oversight by LCNB's board of directors.

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Consumer Laws and Regulations

LCNB is also subject to certain consumer laws and regulations that are designed to protect consumers in transactions with banks. While the following list is not exhaustive, these laws and regulations include the Truth in Lending Act, the Truth in Savings Act, the Electronic Funds Transfer Act, the Expedited Funds Availability Act, the Equal Credit Opportunity Act, The Fair and Accurate Credit Transactions Act, The Real Estate Settlement Procedures Act, and the Fair Housing Act, among others. These laws and regulations, among other things, prohibit discrimination on the basis of race, gender, or other designated characteristics and mandate various disclosure requirements and regulate the manner in which financial institutions must deal with customers when taking deposits or making loans to such customers. These and other laws also limit finance charges or other fees or charges earned for offering various services. LCNB must comply with the applicable provisions of these consumer protection laws and regulations as part of its ongoing customer relations.

Consumer Privacy

State and federal banking regulators have issued various policy statements emphasizing the importance of technology risk management and supervision in evaluating the safety and soundness of depository institutions with respect to banks that contract with outside vendors to provide data processing and core banking functions. The use of technology-related products, services, delivery channels, and processes exposes a bank to various risks, particularly operational, privacy, security, strategic, reputation, and compliance risk. Banks are generally expected to prudently manage technology-related risks as part of their comprehensive risk management policies by identifying, measuring, monitoring, and controlling risks associated with the use of technology.

Under Section 501 of the Gramm-Leach-Bliley Act, the federal banking agencies have established appropriate standards for financial institutions regarding the implementation of safeguards to ensure the security and confidentiality of customer records and information, protection against any anticipated threats or hazards to the security or integrity of such records, and protection against unauthorized access to or use of such records or information in a way that could result in substantial harm or inconvenience to a customer. Among other matters, the rules require each bank to implement a comprehensive written information security program that includes administrative, technical, and physical safeguards relating to customer information.

Under the Gramm-Leach-Bliley Act, a financial institution must provide its customers with a notice of privacy policies and practices. Section 502 prohibits a financial institution from disclosing nonpublic personal information about a customer to nonaffiliated third parties unless the institution satisfies various notice and opt-out requirements and the customer has not elected to opt out of the disclosure. Under Section 504, the agencies are authorized to issue regulations as necessary to implement notice requirements and restrictions on a financial institution’s ability to disclose nonpublic personal information about customers to nonaffiliated third parties. Under the final rule the regulators adopted, all banks must develop initial and annual privacy notices which describe in general terms the bank’s information sharing practices. Banks that share nonpublic personal information about customers with nonaffiliated third parties must also provide customers with an opt-out notice and a reasonable period of time for the customer to opt out of any such disclosure, with certain exceptions. Limitations are placed on the extent to which a bank can disclose an account number or access code for credit card, deposit, or transaction accounts to any nonaffiliated third party for use in marketing.

Cybersecurity

In 2015, Federal regulators issued two statements regarding cybersecurity: (i) a statement indicating that financial institutions should design multiple layers of security controls to establish lines of defense and to ensure that their risk management processes also address the risk posed by compromised customer credentials, including security measures to reliably authenticate customers accessing internet-based services of the financial institutions; and (ii) a statement indicating the expectation of a financial institution's management to maintain a sufficient business continuity planning process to ensure rapid recovery, resumption and maintenance of the financial institution's operations after a cyber-attack involving destructive malware. A financial institution is also expected to develop appropriate processes to: (a) enable recovery of data and business operations, (b) address rebuilding network capabilities, and (c) restore data if the financial institution or any of its critical service providers fall victim to this type of cyber-attack. If the Company does not comply with this regulatory guidance, it could be subject to various regulatory sanctions, as well as financial penalties.

In November 2021, federal banking agencies approved a final rule requiring banking agencies to notify regulators of any “significant computer-security incident” as soon as possible and no later than 36 hours after a determination that such an incident occurred, with compliance required by May 2022. In addition, banks must notify at least one designated point of contact at any affected customer as soon as possible when the bank experiences any computer-security incident that has disrupted or degraded, or is reasonably likely to materially disrupt or degrade, covered services provided to such customer for four or more hours. The bank and holding company are required to determine whether an incident arises to the level of requiring notification.

In April 2005, federal regulators issued guidance requiring financial institutions to develop and implement a response program designed to address incidents of unauthorized access to sensitive customer information maintained by the financial institution or its service provider. The guidance requires several elements to be included in an institution’s response program including notifications to an institution’s primary federal regulator as soon as possible when the institution becomes aware of an incident involving unauthorized access to or use of sensitive customer information; and notification to its customers when, after a reasonable investigation, the financial institution determines that misuse of the information has occurred or it is reasonably possible that misuse will occur.

State regulators have also been increasingly active in implementing data privacy and cybersecurity standards and regulations. Recently, several states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and providing detailed requirements with respect to these programs, including data encryption requirements. Many states have also recently implemented or modified their data breach notification and data privacy requirements. Many, but not all, state breach notification laws expressly exempt entities that are subject to federal regulatory breach notification mandates The Company continues to monitor developments in the states in which its customers are located.

The Cybersecurity Information Sharing Act (“CISA”) is intended to improve cybersecurity in the U.S. by enhanced sharing of information about security threats among the U.S. government and private sector entities, including financial institutions, and empowers the Cybersecurity and Infrastructure Security Agency (“CISA Agency”) to oversee this information-sharing process. The CISA also authorizes companies to monitor their own systems notwithstanding any other provision of law and allows companies to carry out defensive measures on their own systems from cyber-attacks or other information or security breaches. The law includes liability protections for companies that share cyber-threat information with third parties so long as such sharing activity is conducted in accordance with the CISA. Although the CISA originally expired on September 30, 2025 and was temporarily reauthorized to remain in effect through September 30, 2026, the long-term status of the CISA remains uncertain pending further action by the U.S. Congress. In addition, the enactment of the Cyber Incident Reporting for Critical Infrastructure Act (“CIRCIA”) in 2022, once rulemaking is complete, will require, among other things, certain companies to report significant cyber incidents to the CISA Agency within 72 hours from the time the company reasonably believes the incident occurred (and within 24 hours of making a ransom payment as a result of a ransomware attack). On April 4, 2024, the CISA Agency proposed a rule under the CIRCIA that would clarify the scope of cyber incidents to be reported and would further define covered entities subject to the CIRCIA to expressly include companies in the financial services industry that are required to report cyber incidents to their primary federal regulators. Final rulemaking for CIRCIA has been extended to May 2026.

On July 26, 2023, the SEC adopted final rules that require public companies to promptly disclose material cybersecurity incidents in a Current Report on Form 8-K and detailed information regarding their cybersecurity risk management, strategy, and governance on an annual basis in its Annual Reports on Form 10-K. Companies are required to report on Form 8-K any cybersecurity incident they determine to be material within four business days of making that determination. These SEC rules, and any other regulatory guidance, are in addition to notification and disclosure requirements under state and federal banking law and regulations.

See Item 1C for further discussion related to the Company's risk management, strategy, and governance of cybersecurity.

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Dodd-Frank Act and Regulatory Relief Act

The Dodd-Frank Act, which was enacted in July 2010, effected a fundamental restructuring of federal banking regulation. In addition to those provisions discussed above, among the Dodd-Frank Act provisions that have affected LCNB are the following:

•

creation of a new Financial Stability Oversight Council to identify systemic risks in the financial system and gives federal regulators new authority to take control of and liquidate financial firms;

•

elimination of the federal statutory prohibition against the payment of interest on business checking accounts;

•

prohibition on state-chartered banks engaging in derivatives transactions unless the loans to one borrower of the state in which the bank is chartered takes into consideration credit exposure to derivative transactions. For this purpose, derivative transactions include any contract, agreement, swap, warrant, note or option that is based in whole or in part on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, one or more commodity securities, currencies, interest or other rates, indices, or other assets;

• requirement that the amount of any interchange fee charged by a debit card issuer with respect to a debit card transaction must be reasonable and proportional to the cost incurred by the issuer. On June 29, 2011, the Federal Reserve Board set the interchange rate cap at $0.21 per transaction ~~and~~plus an ad valorem component of 5 basis points multiplied by the value of the transaction. While the restrictions on interchange fees do not apply to banks that, together with their affiliates, have assets of less than $10 billion, the rule could affect the competitiveness of debit cards issued by smaller banks; and

•

restrictions under the Volcker Rule of the Company’s ability to engage in proprietary trading and to invest in, sponsor and engage in certain types of transactions with certain private funds. The Company had until July 15, 2015 to fully conform to the Volcker Rule's restrictions.

Management continues to review actively the provisions of the Dodd-Frank Act and assess its probable impact on its business, financial condition, and results of operations.

The Economic Growth, Regulatory Relief, and Consumer Protection Act (the "Regulatory Relief Act") was signed into law on May 24, 2018. The Regulatory Relief Act scales back certain aspects of the Dodd-Frank Act and provides other regulatory relief for financial institutions. Certain provisions affecting LCNB include:

•

Simplifying regulatory capital requirements by providing that banks with less than $10 billion in total consolidated assets that meet a to-be-developed community bank leverage ratio of tangible equity to average consolidated assets between eight and ten percent will be deemed to be in compliance with risk-based capital and leverage requirements.

•

Changing how federal financial institution regulators classify certain municipal securities assets under the liquidity coverage ratio rule;

•

Exempting certain reciprocal deposits from treatment as brokered deposits under the FDIC's brokered deposits rule;

•

Exempting banks with less than $10 billion in total consolidated assets from certain provisions under the Volcker Rule; and

•

Authorizing new banking procedures to better facilitate online transactions.

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Consumer Financial Protection Bureau

The Dodd-Frank Act created an independent federal agency called the Consumer Financial Protection Bureau, which is granted broad rulemaking, supervisory, and enforcement powers under various federal consumer financial protection laws, including the Equal Credit Opportunity Act, Truth in Lending Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Fair Debt Collection Act, the Consumer Financial Privacy provisions of the Gramm-Leach-Bliley Act, and certain other statutes. The CFPB has examination and primary enforcement authority with respect to depository institutions with $10 billion or more in assets. Smaller institutions are subject to rules promulgated by the CFPB but continue to be examined and supervised by federal banking regulators for consumer compliance purposes. The ~~CFPB has authority to prevent unfair, deceptive, or abusive practices in connection with the offering of consumer financial products. The~~ Dodd-Frank Act permits states to adopt consumer protection laws and standards that are more stringent than those adopted at the federal level and, in certain circumstances, permits the state attorney general to enforce compliance with both the state and federal laws and regulations.

The CFPB has finalized rules relating to, among other things, remittance transfers under the Electronic Fund Transfer Act, which requires companies to provide consumers with certain disclosures before the consumer pays for a remittance transfer. These rules became effective in October 2013. The CFPB has also amended certain rules under Regulation C relating to home mortgage disclosure to reflect a change in the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers. In addition, on January 10, 2013, the CFPB released its final “Ability-to-Repay/Qualified Mortgage” rules, which amended the Truth in Lending Act (Regulation Z). Regulation Z prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer’s ability to repay the loan. The final amended rule implemented sections 1411 and 1412 of the Dodd-Frank Act, which generally require creditors to make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for “qualified mortgages.” The final rule also implemented section 1414 of the Dodd-Frank Act, which limits prepayment penalties. Finally, the final rule requires creditors to retain evidence of compliance with the rule for three years after a covered loan is consummated. This rule became effective January 10, 2014.

Monetary Policy

Banks are affected by the credit policies of monetary authorities, including the Federal Reserve Board, that affect the national supply of credit. The Federal Reserve Board regulates the supply of credit in order to influence general economic conditions, primarily through open market operations in United States government obligations, varying the discount rate on financial institution borrowings, varying reserve requirements against financial institution deposits, and restricting certain borrowings by financial institutions and their subsidiaries. The monetary policies of the Federal Reserve Board have had a significant effect on the operating results of banks in the past and are expected to continue to do so in the future.

Regulatory Reform and Legislation

From time to time, various legislative and regulatory initiatives are introduced in Congress and state legislatures, as well as by regulatory agencies. Such initiatives may include proposals to expand or contract the powers of bank holding companies and depository institutions or proposals to substantially change the financial institution regulatory system. Such legislation could change banking statutes and the operating environment of LCNB and the Bank in substantial and unpredictable ways. If enacted, such legislation could increase or decrease the cost of doing business, limit or expand permissible activities, or affect the competitive balance among banks, savings associations, credit unions, and other financial institutions. LCNB and the Bank cannot predict whether any such legislation will be enacted, and, if enacted, the effect that it, or any implementing regulations, would have on the financial condition or results of operations of LCNB and the Bank. A change in statutes, regulations, or regulatory policies applicable to LCNB and the Bank could have a material effect on LCNB’s business, financial condition, and results of operations. At this time, LCNB and the Bank do not expect material costs and effects to result from any federal, state, or local environmental laws that may be enacted.

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Human Capital

As of December 31, ~~2024~~2025, LCNB employed ~~346~~328 full-time and 4735 part-time employees working throughout the ten Ohio counties ~~and one Kentucky county~~ in which LCNB operates. LCNB considers these individuals the most important influence contributing to the Bank’s success and is committed to investing in their ongoing growth and development.

~~LCNB fosters a welcoming environment that celebrates diversity, equity, and inclusion for all.~~ Through an ongoing collaboration with a local non-profit organization, ~~The National Conference for Community and Justice (NCCJ) in~~ ~~Dayton, Ohio, and its~~ LCNB's employee ~~committee~~council is working to expand education and ~~sharing~~ share experiences; to acknowledge, celebrate, and encourage ~~diverse~~various backgrounds, interests, and lifestyles; and to broaden recruitment efforts ~~with~~in aorder ~~focus on growing diverse talent; and~~ to ~~communicate~~source ~~and~~untapped ~~share LCNB's overall commitment to diversity, equity and inclusion~~potential.

LCNB places a high priority on training and development and has enjoyed a long history of promoting from within the organization, as evidenced by the executive management team. Through a blend of strong internal talent and ~~diverse~~ new talent, the Bank has been able to successfully navigate the ongoing challenges related to talent depth. As LCNB grows and develops new products and services, the Bank continues to seek innovative, cost effective, and efficient ways to educate and develop its employees. Through a blend of online education, interactive training sessions, and experiential learning, LCNB provides opportunities for those who desire to fine-tune existing skills as well as those who desire to prepare for the next steps along their career path.

LCNB values and invests in overall employee well-being and satisfaction, providing compensation and benefits that are competitive with those provided by other financial institutions and major employers within LCNB's market area. In addition to traditional benefits, which include health, dental, life, vision, and long-term disability insurance, LCNB offers other voluntary coverages. Some of these benefits are paid by the Bank, others are shared cost, and some are employee-paid. LCNB also provides all employees access to a personal care advocate through the LCNB Care Center. Advocates provide independent, confidential support in navigating all aspects of health care benefits. Additional benefits include a matching 401(k) plan, a performance bonus plan, and tuition reimbursement plans.

LCNB has an active Wellness Committee comprised of employees from across the Bank. The committee promotes activities, education, and consultation that improve the health and lives of employees and their families. A no-cost Employee Assistance Program (EAP) offers benefits that are available to both full-time and part-time employees and members of their households. Services include 24/7 access to licensed mental health professionals, ongoing personal coaching sessions, and referrals to additional support resources based on needs. As part of evolving wellness efforts, LCNB provides employees with an interactive online Health and Wellness Portal, which offers employees access to personalized one-on-one sessions with a certified health coach, trainer, licensed dietician, or registered nurse.

Fostering and enhancing a culture of open and transparent communication remains extremely important to the Bank. In 2020, the Bank initiated quarterly Town Hall Meetings and weekly informational emails from senior management that allowed all employees to participate and receive information. ~~These initiatives were very valuable during the COVID-19 pandemic and the Bank continues both to this day.~~ The Bank will do the same in ~~2025~~2026 along with some smaller scheduled group meetings ~~at various locations within our market areas~~ to further communicate important initiatives and information. In addition, senior management is available to participate in department and branch staff meetings upon request.

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Availability of Financial Information

LCNB files unaudited quarterly financial reports on Form 10-Q, annual financial reports on Form 10-K, current reports on Form 8-K, and amendments to these reports are filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 with the SEC. Copies of these reports are available free of charge in the shareholder information section of the Bank's website, www.lcnb.com, as soon as reasonably practicable after they are electronically filed or furnished to the SEC, or by writing to:

~~Robert~~Andrew CM. ~~Haines II~~Wallace

Executive Vice President, CFO

LCNB Corp.

2 North Broadway

P.O. Box 59

Lebanon, Ohio 45036

The SEC also maintains an internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding registrants that file reports electronically, as LCNB does. LCNB's filings are available on the SEC's website under the ticker name "LCNB".

STATISTICAL INFORMATION

The following tables and certain tables appearing in Item 7, Management's Discussion and Analysis present additional statistical information about LCNB Corp. and its operations and financial condition. They should be read in conjunction with the consolidated financial statements and related notes and the discussion included in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Item 7A, Quantitative and Qualitative Disclosures about Market Risk.

Distribution of Assets, Liabilities and Shareholders' Equity; Interest Rates and Interest Differential

The table presenting an average balance sheet, interest income and expense, and the resultant average yield for average interest-earning assets and average interest-bearing liabilities is included in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

The table analyzing changes in interest income and expense by volume and rate is included in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

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Contractual maturities of debt securities at December 31, ~~2024~~2025, were as follows. Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations. Weighted average yield is based on amortized cost.

	Available-for-Sale							~~Held-to-Maturity~~	Held-to-Maturity
					~~Weighted~~	Weighted						~~Weighted~~	Weighted
	Amortized		~~Fair~~	Fair	~~Average~~	Average		~~Amortized~~	Amortized	~~Fair~~	Fair	~~Average~~	Average
	Cost		~~Value~~	Value	~~Yield~~	Yield		~~Cost~~	Cost	~~Value~~	Value	~~Yield~~	Yield
	(Dollars in thousands)
U.S. Treasury notes:
Within one year	$	187,~~259~~043		176,884		01.6501	%		—		—		—	%
One to five years		5245,~~675~~583		4843,~~296~~574		1.1902	%		—		—		—	%
Five to ten years		—		—		—	%		—		—		—	%
After ten years		—		—		—	%		—		—		—	%
Total U.S. Treasury notes		7052,~~934~~626		6650,~~180~~458		1.0519	%		—		—		—	%
U.S. Agency notes:
Within one year		817,~~001~~439		717,~~749~~256		01.5519	%		—		—		—	%
One to five years		6649,~~875~~341		6146,~~437~~816		1.1209	%		—		—		—	%
Five to ten years		8,~~894~~519		8,~~331~~332		3.5559	%		—		—		—	%
After ten years		—		—		—	%		—		—		—	%
Total U.S. Agency notes		8375,~~770~~299		7772,~~517~~404		1.3240	%		—		—		—	%
Corporate bonds:
Within one year		—		—		—	%		—		—		—	%
One to five years		—		—		—	%		—		—		—	%
Five to ten years		811,~~200~~013		710,~~756~~733		45.6162	%		—		—		—	%
After ten years		—1,000		—1,000		—7	%		—		—		—	%
Total corporate bonds		812,~~200~~013		711,~~756~~733		45.6174	%		—		—		—	%
Municipal securities, tax-exempt (1):
Within one year		—1,030		—1,030		—4.95	%		64279		63274		32.2624	%
One to five years		32,~~163~~431		32,~~043~~343		2.3519	%		~~851~~772		~~830~~730		3.1950	%
Five to ten years		~~1,085~~730		~~939~~632		23.9369	%		97,~~439~~960		87,~~838~~643		4.8192	%
After ten years		—		—		—	%		24,~~846~~102		23,~~547~~818		45.5625	%
Total Municipal securities		4,~~248~~191		34,~~982~~005		23.5013	%		13,~~200~~113		12,~~278~~465		4.6488	%
Municipal securities, taxable:
Within one year		31,~~732~~195		31,~~684~~173		1.3029	%		—		—		—0.00	%
One to five years		2028,~~318~~996		1827,~~658~~477		2.0410	%		~~140~~112		~~131~~108		3.85	%
Five to ten years		122,~~549~~707		112,~~004~~504		2.1949	%		~~199~~172		~~169~~154		2.30	%
After ten years		—		—		—	%		2,~~790~~683		2,~~355~~386		6.45	%
Total Municipal securities		3632,~~599~~898		3331,~~346~~154		2.0110	%		32,~~129~~967		2,~~655~~648		6.0711	%
U.S. Agency mortgage-backed securities		7868,~~869~~085		6962,~~546~~517		42.5932	%		—		—		—	%
Totals	$	~~282~~245,~~620~~112		~~258~~232,~~327~~271		21.3792	%		16,~~329~~080		1415,~~933~~113		35.0211	%

(1) Yields on tax-exempt obligations are computed on a taxable-equivalent basis based upon a 21.0% statutory Federal income tax rate.

Excluding holdings in U.S. Treasury securities and U.S. Government Agencies, there were no investments in securities of any issuer that exceeded 10% of LCNB's consolidated shareholders' equity at December 31, ~~2024~~2025.

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LCNB CORP. AND SUBSIDIARIES

Loan Portfolio

The following table summarizes loan maturities and sensitivities to interest rate change at December 31, ~~2024~~2025 (in thousands):

Commercial,

Commercial

Secured by

Residential

& Industrial

Real Estate

Consumer

Agricultural

Other

Totals

Maturing in one year or less

2425,~~339~~735

7176,~~187~~139

45,~~990~~863

1,~~842~~649

913,~~486~~046

~~179~~210

~~112~~122,~~023~~642

Maturing after one year through five years

6961,~~550~~106

~~148~~179,~~425~~222

1514,~~188~~510

1312,~~797~~250

21,~~294~~404

—

~~249~~268,~~254~~492

Maturing after five years through 15 years

2417,~~722~~264

~~452~~454,~~340~~793

~~117~~114,~~823~~075

43,~~859~~056

1,~~513~~249

—

~~601~~590,~~257~~437

Maturing after 15 years

—

~~440~~388,~~180~~057

~~319~~335,~~098~~903

—

~~759~~723,~~278~~960

Totals

~~118~~104,~~611~~105

1,~~112~~098,~~132~~211

~~457~~470,~~099~~351

2016,~~498~~955

1315,~~293~~699

~~179~~210

1,~~721~~705,~~812~~531

Loans maturing beyond one year:

Fixed rate

4133,~~945~~378

~~342~~289,~~195~~704

~~219~~208,~~630~~900

1815,~~656~~306

21,~~332~~825

—

~~624~~549,~~758~~113

Variable rate

5244,~~327~~992

~~698~~732,~~750~~368

~~232~~255,~~479~~588

—

~~1,475~~828

—

~~985~~1,~~031~~033,776

Totals

9478,~~272~~370

1,~~040~~022,~~945~~072

~~452~~464,~~109~~488

1815,~~656~~306

32,~~807~~653

—

1,~~609~~582,~~789~~889

Allocation of the Allowance for Credit Losses on Loans

The following table presents the allocation of the allowance for credit losses on loans:

	At December 31,
	2024					2023						2022
	2025					2024						2023
			~~Percent~~	Percent					~~Percent~~	Percent					~~Percent~~	Percent
			~~of Loans~~	of Loans					~~of Loans~~	of Loans					~~of Loans~~	of Loans
			~~in Each~~	in Each					~~in Each~~	in Each					~~in Each~~	in Each
			~~Category~~	Category					~~Category~~	Category					~~Category~~	Category
			~~to Total~~	to Total					~~to Total~~	to Total					~~to Total~~	to Total
	~~Amount~~	Amount	~~Loans~~	Loans		~~Amount~~	Amount		~~Loans~~	Loans		~~Amount~~	Amount		~~Loans~~	Loans
	(Dollars in thousands)
Commercial and industrial	$	12,~~573~~463		6.91	%		1,~~039~~573			76.09	%		1,~~300~~039			87.60	%
Commercial, secured by real estate		6,~~537~~514		64.64	%		56,~~414~~537			64.36	%		35,~~609~~414			6664.93	%
Residential real estate		34,~~634~~492		2627.56	%		3,~~816~~634			26.65	%		~~624~~3,816			2126.86	%
Consumer		~~220~~188		1.20	%		~~238~~220			1.52	%		86238			21.05	%
Agricultural		2430		0.89	%		1824			0.68	%		2218			0.76	%
Other loans, including deposit overdrafts		1317		—	%		—13			—	%		5—			—	%
Total	$	1213,~~001~~704		100.0	%		1012,~~525~~001			100.0	%		510,~~646~~525			100.0	%
Ratio of the allowance for credit losses to total loans outstanding		0.7080%					0.6170	%					0.4061	%
Ratio of the allowance for credit losses to total non-accrual loans		~~265~~763.0488%					~~13,090~~265.4204	%					113,~~443~~090.9942	%

Deposits

The statistical information regarding average amounts and average rates paid for the deposit categories is included in the "Distribution of Assets, Liabilities and Shareholders' Equity" table included in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

The estimated amount of uninsured deposits including related interest accrued and unpaid was $~~245~~304.8 1 million and $~~203~~245.98 million at December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

The following table presents an estimate of the contractual maturities of time deposits that exceed the FDIC insurance limit of $250~~,000~~ thousand at December 31, ~~2024~~2025:

	(In thousands)
Maturity within 3 months	$	158,~~871~~005
After 3 but within 6 months		139,~~209~~491
After 6 but within 12 months		3927,~~241~~197
After 12 months		76,~~330~~688
	$	7551,~~651~~381

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LCNB CORP. AND SUBSIDIARIES

Item 1A. Risk Factors

There are risks inherent in LCNB’s operations, many beyond management’s control, which may adversely affect its financial condition and results from operations and should be considered in evaluating the Company. Credit, market, operational, liquidity, interest rate and other risks are described elsewhere in this report. Other risk factors may include the items described below.

Risks Related to Economic and Market Conditions

Weakness in the economy and in the real estate market, including weakness specific to LCNB's geographic footprint, may negatively affect its financial condition and earnings.

LCNB’s success depends, in part, on economic and political conditions, local and national, as well as governmental fiscal and monetary policies. Conditions such as inflation, recession, unemployment, changes in interest rates, fiscal and monetary policy, prolonged government shutdown, tariffs and trade policy including impositions of retaliatory tariffs, and other factors beyond LCNB’s control may affect its deposit levels and composition, demand for loans, the ability of borrowers to repay their loans, and the value of the collateral securing the loans it makes. Economic turmoil in different regions of the world affect the economy and stock prices in the United States, which can affect LCNB’s earnings and capital and the ability of its customers to repay loans. Due to LCNB’s volume of real estate loans, declining real estate values could affect the value of property used as collateral as well as LCNB’s ability to sell the collateral upon foreclosure. In 2025, the federal government was shut down from October 1, 2025 to November 12, 2025. The economic impact of a future long-spanning government shutdown is inherently uncertain and could have a material effect on LCNB’s business, financial condition, and operations.

If the strength of the United States economy in general and the strength of the local economies in which LCNB conducts operations weakens, this could result in, among other things, a deterioration of credit quality or a reduced demand for credit, including a resultant effect on the loan portfolio and allowance for credit losses. These factors could also result in higher delinquencies and greater charge-offs in future periods, which would materially affect LCNB's financial condition and results of operations.

There is no assurance that LCNB's loan borrowers will not experience financial difficulties or that properties securing loans will not suffer deterioration in value. The fluctuations in national, regional and local economic conditions, including those related to local residential, commercial real estate and construction markets, may result in increased charge-offs. These fluctuations are not predictable, cannot be controlled, and may have a material impact on LCNB's operations and financial condition even if other favorable events occur.

Declining values of real estate, increases in unemployment, insurance market disruptions, and the related effects on local economies may increase LCNB's credit losses, which would negatively affect financial results.

LCNB offers a variety of secured loans, including commercial lines of credit, commercial term loans, real estate, construction, home equity, consumer, and other loans. Many loans are secured by real estate (both residential and commercial) within LCNB's market area. A major change in the real estate market, such as deterioration in the value of collateral or in the local or national economy, could affect LCNB's ability to liquidate foreclosed property, which in turn could impact LCNB's results of operations and financial condition. Additionally, increases in unemployment ~~also~~ may also affect the ability of certain clients to repay loans and the financial results of commercial clients in localities with higher unemployment may result in loan defaults and foreclosures and may impair the value of loan collateral. Loan defaults and foreclosures are unavoidable in the banking industry. LCNB cannot fully eliminate credit risk and, as a result, credit losses may increase in the future.

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LCNB CORP. AND SUBSIDIARIES

Risks Related to LCNB's Operations

LCNB’s loan portfolio includes a substantial amount of commercial and industrial loans and commercial real estate loans, which may have more risks than residential or consumer loans.

LCNB’s commercial and industrial and commercial real estate loans comprise a substantial portion of its total loan portfolio. These loans generally carry larger loan balances and can involve a greater degree of financial and credit risk than home equity, residential mortgage, or consumer loans. The potential for increased financial and credit risk associated with these types of loans is a result of several factors, including the concentration of principal in a limited number of loans, the size of loan balances, and the effects of general economic conditions on businesses and loans secured by income-producing properties. In order to mitigate these heightened risks, LCNB continually evaluates and monitors these types of loans.

Approximately 8990.42% of our total commercial loans or about 64.64% of our total loans relate to commercial real estate. The repayment of loans secured by commercial real estate is often dependent upon the successful operation, development, or sale of the related real estate or commercial business and may, therefore, be subject to adverse conditions in the real estate market or economy. If the cash flow from operations is reduced, the borrower’s ability to repay the loan may deteriorate. In such cases, LCNB may take actions to protect its financial interest in the loan. Such actions may include foreclosure on the real estate securing the loan, taking possession of other collateral that may have been pledged as security for the loan, or modifying the terms of the loan. If foreclosed on, commercial real estate is often unique and may be difficult to liquidate.

LCNB’s value of intangible assets may decline, due to continued competition for deposits and other factors.

As of December 31, 2025, LCNB had total core deposit and other intangibles, net totaling $9.271 million. Core deposit and other intangibles net decreased due to amortization of core deposit and mortgage servicing rights intangibles. A significant decline in LCNB’s expected future cash flows, a significant adverse change in the business climate, slower growth rates or a significant and sustained decline in the price of LCNB common stock may necessitate taking charges in the future related to the impairment of LCNB’s deposit intangible assets. Additionally, increased competition for deposits, whether from competitive financial institutions or from nonbank financial institutions or competitive technologies, like cryptocurrency, could lead to further decreases in core deposits. Competition for deposits will likely continue to increase as technology evolves. If LCNB were to conclude that a future write-down of core deposit intangible assets is necessary, LCNB would record the appropriate charge, which could have a negative effect on LCNB’s business, financial condition and results of operations.

Future growth and expansion opportunities may contain risks that could negatively affect us.

From time to time, LCNB may seek to acquire other financial institutions or parts of those institutions or may open new branch offices. It may also consider and enter into new lines of business or offer new products or services. Such activities involve a number of risks, which may include potential inaccuracies in estimates and judgments used to evaluate the expansion opportunity, diversion of management and employee attention, lack of experience in a new market or product or service, and difficulties in integrating a future acquisition or introducing a new product or service. There is no assurance that such growth or expansion activities will be successful or that they will achieve desired profitability levels.

Liquidity risk could impair LCNB's ability to fund operations and could jeopardize financial results.

LCNB faces liquidity risk, which is the possibility that LCNB may not be able to meet its obligations as they come due, both to creditors and customers, or may not be able to fully capitalize on growth opportunities because of a lack of liquidity. A lack of liquidity may be caused by an inability to favorably liquidate assets or obtain adequate financing on a timely basis, at a reasonable cost and on other reasonable terms, and within acceptable risk tolerances.

LCNB’s controls and procedures may fail or be circumvented.

Management regularly reviews and updates LCNB’s internal controls, disclosure controls and procedures, and corporate governance policies and procedures. Any system of controls, however well designed and operated, is based, in part, on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Any failure or circumvention of LCNB’s controls and procedures or failure to comply with regulations related to its controls and procedures could have a material adverse effect on LCNB’s business, results of operations, and financial condition.

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LCNB’s information systems may experience an interruption, cyberattack, or other breach in security.

LCNB relies heavily on electronic communications and information systems to conduct its business. Although significant resources are devoted to maintaining and regularly updating LCNB’s data systems, there can be no assurance that these security measures will provide absolute security. Any failure, interruption, cyberattack, email phishing scam, or other breach in security of these systems could result in failures or disruptions in LCNB’s customer relationship management, general ledger, deposit, loan, and other systems. Emerging technologies, such as artificial intelligence, may further increase the risk of a cyber-attack. While LCNB has policies and procedures designed to prevent or limit the effect of the failure, interruption, cyberattack, or other security breach of its information systems, there can be no assurance that any such occurrences will not occur or, if they do occur, that they will be adequately addressed. The occurrence of any failures, interruptions, cyberattacks, phishing scams, or other security breaches of LCNB’s information systems could significantly disrupt LCNB's operations, allow misappropriation of LCNB’s confidential information, allow misappropriation of customer confidential information, damage LCNB’s reputation, result in a loss of customer business, subject LCNB to additional regulatory scrutiny, or expose LCNB to significant civil litigation and possible financial liability, any of which could have a material adverse effect on its financial condition and results of operations.

LCNB’s ability to pay cash dividends is limited.

LCNB is dependent upon the earnings of the Bank for funds to pay dividends on its common shares. The payment of dividends by LCNB and the Bank is subject to certain regulatory restrictions. As a result, any payment of dividends in the future will be dependent, in large part, on the ability of LCNB and the Bank to satisfy these regulatory restrictions and on the Bank’s earnings, capital levels, financial condition, and other factors. Although LCNB’s financial earnings and financial condition have allowed it to declare and pay periodic cash dividends to shareholders, there can be no assurance that the current dividend policy or the amount of dividend distributions will continue in the future.

LCNB must compete to hire and retain employees.

LCNB’s success depends, in large part, on its ability to attract, retain, motivate, and develop key employees. Competition for key employees is ongoing and LCNB may not be able to attract, retain, or hire the key employees who are wanted or needed, which may also negatively impact its ability to execute identified business strategies. Because LCNB operates primarily in Southwestern and South Central Ohio ~~and Northern Kentucky~~, its hiring pool is also limited by those markets. Competition for key employees may require LCNB to offer higher compensation to attract or retain key employees, which may adversely affect salaries and employee benefit costs.

Various restrictions on the compensation which may be paid to certain executive officers were imposed under the Dodd-Frank Act and other legislation and regulations. In addition, LCNB’s incentive compensation structure is subject to review by regulators, who may identify deficiencies in the structure or issue additional guidance on LCNB’s compensation practices, causing LCNB to make changes that may affect its ability to offer competitive compensation to these individuals or that place it at a disadvantage to non-financial service competitors. LCNB’s ability to attract and retain talented employees may be affected by these restrictions or any new executive compensation limits or regulations.

Risk factors related to LCNB’s Wealth Management business.

LCNB's Wealth Management business is subject to intense competition, general market risk, and inherent risks to the business of managing trust accounts.

Competition for wealth management business is intense. Competitors include other commercial bank and trust companies, brokerage firms, investment advisory firms, mutual fund companies, accountants, and attorneys.

LCNB’s Wealth Management business is directly affected by conditions in the debt and equity securities markets. The debt and equity securities markets are affected by, among other factors, domestic and foreign economic conditions, political uncertainties, and the monetary and fiscal policies of the United States government, all of which are beyond LCNB’s control. Changes in economic conditions may directly affect the economic performance of the trust accounts in which clients’ assets are invested. A decline in the fair value of the trust accounts caused by a decline in general economic conditions directly affects LCNB’s trust fee income because such fees are primarily based on the fair value of the trust accounts. In addition, a sustained decrease in the performance of the trust accounts or a lack of sustained growth may encourage clients to seek alternative investment options.

The management of trust accounts is subject to the risk of mistaken distributions, poor investment choices, and miscellaneous other incorrect decisions. Such mistakes may give rise to surcharge actions by beneficiaries, with damages substantially in excess of the fees earned from management of the accounts.

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LCNB CORP. AND SUBSIDIARIES

General Risk Factors

Failure to meet regulatory capital requirements could adversely affect LCNB’s business.

The Bank is subject to regulations requiring it to satisfy minimum capital requirements, see Note 15 - Regulatory Matters and Impact on Payment of Dividends of the consolidated financial statements for more information. While management expects that LCNB's capital ratios under Basel III will continue to exceed well capitalized minimum capital requirements, there can be no assurance that such will be the case. If LCNB is unable to meet or exceed applicable minimum capital requirements, it may become subject to supervisory actions including, but not limited to, requirements to raise additional capital or dispose of assets, the loss of its financial holding company status, limitations on its ability to engage in new acquisitions or new activities, or other informal or formal regulatory enforcement actions.

Changes in economic or political conditions could adversely affect LCNB's earnings.

LCNB’s financial performance generally, and in particular the ability of borrowers to pay interest on and repay principal of outstanding loans and the value of collateral securing those loans, as well as demand for loans and other products and services that LCNB offers, is highly dependent upon the business environment in the markets where LCNB operates and in the United States as a whole. Recessions, periods of unemployment, changes in interest rates, inflationary pressures, money supply, tariffs and trade policy including retaliatory tariffs, and other factors beyond LCNB’s control may adversely affect its asset quality, deposit levels, loan demand, and earnings. Inflationary pressures directly affect the level of interest rates earned from loans and investments and paid for deposits and borrowings. In addition, salaries and employee benefits and other non-interest expenses tend to increase during periods of inflation.

Adverse changes in the economy may have a negative effect on the ability of borrowers to make timely repayments of their loans, increasing the risk of loan defaults and losses. Because LCNB has a significant amount of commercial and residential real estate loans, decreases in real estate values could adversely affect the value of property used as collateral. As a result, LCNB may need to increase its allowance for credit losses, negatively affecting earnings.

LCNB’s earnings are significantly affected by market interest rates.

~~The~~Fluctuations ~~FOMC~~in ~~decreased~~interest rates may negatively impact LCNB’s profitability. A primary source of income from operations is net interest income, which is equal to the ~~Federal~~difference ~~Funds~~between ~~target~~interest ~~range~~income byearned ~~100~~on ~~basis~~loans ~~points~~and ~~during~~investment ~~2024~~securities and the interest paid for deposits and other borrowings. These rates are highly sensitive to many factors beyond LCNB’s control, including general economic conditions, the slope of the yield curve (that is, the relationship between short and long-term interest rates), and the monetary and fiscal policies of the United States Federal government. ~~after~~For ~~increasing~~example, the ~~range~~existing byChair ~~100~~of ~~basis~~the ~~points~~Federal ~~during~~Reserve’s ~~2023~~term ends on May 15, 2026 and recent political commentary has introduced additional uncertainty about how interest rate policy may evolve under the new leadership of the Board of Governors later in 2026.

Fluctuations in interest rates may negatively impact LCNB’s profitability. A primary source of income from operations is net interest income, which is equal to the difference between interest income earned on loans and investment securities and the interest paid for deposits and other borrowings. These rates are highly sensitive to many factors beyond LCNB’s control, including general economic conditions, the slope of the yield curve (that is, the relationship between short and long-term interest rates), and the monetary and fiscal policies of the United States Federal government.

Increases in general interest rates could have a negative impact on LCNB’s results of operations by reducing the ability of borrowers to repay their current loan obligations. Some residential real estate mortgage loans, most home equity line of credit loans, and many of LCNB’s commercial and industrial loans and commercial real estate loans have adjustable rates. Borrower inability to make scheduled loan payments due to a higher loan cost could result in increased loan defaults, foreclosures, and write-offs and may necessitate additions to the allowance for credit losses. In addition, increases in the general level of interest rates may decrease the demand for new consumer and commercial loans, thus limiting LCNB’s growth and profitability. A general increase in interest rates may also result in deposit disintermediation, which is the flow of deposits away from banks and other depository institutions into direct investments that have the potential for higher rates of return, such as stocks, bonds, and mutual funds. If this occurs, LCNB may have to rely more heavily on borrowings as a source of funds in the future, which could negatively impact its net interest margin.

Gains from sales of mortgage loans may experience significant volatility.

Gains from sales of mortgage loans are highly influenced by the level and direction of mortgage interest rates, real estate activity, and refinancing activity. A decrease in market interest rates may create a refinancing demand for residential fixed-rate mortgage loans, which may cause an increase in gains from sales of mortgage loans if LCNB sells these loans in the secondary market. An increase in market interest rates may decrease the demand for refinanced loans and decrease the gains from sales of mortgage loans recognized in LCNB’s Consolidated Statements of Income. Gains from sales of mortgage loans may also be impacted by changes in LCNB’s strategy to manage its residential mortgage portfolio. For example, LCNB may occasionally change the proportion of loan originations that are sold in the secondary market and instead add a greater proportion to its loan portfolio.

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LCNB CORP. AND SUBSIDIARIES

Banking competition is intense.

The banking industry and related financial service providers operate in a highly competitive market. LCNB competes with financial service providers such as other commercial banks, savings and loan associations, credit unions, mortgage banking firms, Financial Technology or “FinTech” companies including decentralized finance and cryptocurrency, consumer finance companies, securities brokerage firms, insurance companies, money market mutual funds, and other financial intermediaries.

Technology has lowered barriers to entry and made it possible for non-banks to offer products and services traditionally provided by banks, such as automatic transfer and automatic payment systems. Nonfinancial institution competitors may have fewer regulatory constraints and, due to technology related product delivery systems, a greater access to customers and lower cost structures.

Many of LCNB’s competitors include major financial institutions that have been in business for many years and have established customer bases, broader geographic service areas, substantially higher regulatory lending limits, and the ability to mount extensive promotional and advertising campaigns. In addition, credit unions are growing larger due to more flexible membership requirement regulations and are offering more financial services than they legally could in the past.

LCNB also competes with numerous real estate brokerage firms, some owned by realty companies, for residential real estate mortgage loans. The banking industry now competes with brokerage firms and mutual fund companies for funds that would have historically been held as bank deposits. Many of these competitors have fewer regulatory constraints and may have lower cost structures.

If LCNB is unable to attract and retain loan, deposit, brokerage, and Wealth Management customers, its growth and profitability levels may be negatively impacted.

Economic conditions in LCNB's market areas could adversely affect its financial condition and results of operations.

LCNB conducts its operations from offices that are located in nine Southwestern Ohio counties and Franklin County, Ohio, from which substantially all of its customer base is drawn. Because of this geographic concentration of operations and customer base, LCNB's financial performance is heavily influenced by economic conditions in these areas. Any material deterioration in economic conditions in these markets could have material direct or indirect adverse impacts on LCNB's customers and on LCNB. Such deterioration could increase the number of customers experiencing financial distress, negatively impacting their ability to obtain new loans or to repay existing loans. As a result, LCNB may experience increases in the levels of impaired loans, increased charge-offs, and increased provisions for loan losses. Deteriorating economic conditions may also affect the ability of depositors to maintain or add to deposit balances and may affect the demand for loans, Wealth Management, brokerage, and other products and services offered by LCNB. Such losses and decreased demand could have material adverse effects on LCNB's financial position, results of operations, and cash flows.

New lines of business or new products and services may subject LCNB to additional risks.

From time to time, LCNB may implement new lines of business or offer new products and services within existing lines of business. There are substantial risks and uncertainties associated with these efforts, particularly in instances where the markets are not fully developed. In developing and marketing new lines of business and/or products and services, LCNB may invest significant time and resources. External factors, such as compliance with regulations, competitive alternatives, and shifting market preferences, may also impact the successful implementation of a new line of business or a new product or service. If LCNB is unable to successfully manage these risks in the development and implementation of new lines of business or new products or services, it could have a material adverse effect on LCNB’s business, financial condition, and result of operations.

The allowance for credit losses may be inadequate.

The provision for credit losses is determined by management based upon its evaluation of the amount needed to maintain the allowance for credit losses at a level considered appropriate in relation to the estimated risk of losses inherent in the portfolio. In addition to historic charge-off percentages, factors taken into consideration to determine the adequacy of the allowance for credit losses include the nature, volume, and consistency of the loan portfolio, overall portfolio quality, a review of specific problem loans, the fair value of any underlying collateral, borrowers’ cash flows, and current economic conditions that may affect borrowers’ ability to make payments. Increases in the allowance result in an expense for the period. By its nature, the evaluation is imprecise and requires significant judgment. Actual results may vary significantly from management’s assumptions. If, as a result of general economic conditions or a decrease in asset quality, management determines that additional increases in the allowance for credit losses are necessary, LCNB will incur additional expenses.

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The fair value of LCNB’s investments could decline.

Most of LCNB’s investment securities portfolio is designated as available-for-sale. Accordingly, unrealized gains and losses, net of tax, in the estimated fair value of the available-for-sale portfolio is recorded as other comprehensive income (loss), a separate component of shareholders’ equity. The fair value of LCNB’s investment portfolio may decline, causing a corresponding decline in shareholders’ equity. Management believes that several factors will affect the fair values of the investment portfolio including, but not limited to, changes in interest rates or expectations of changes, the degree of volatility in the securities markets, inflation rates or expectations of inflation, and the slope of the interest rate yield curve. These and other factors may impact specific categories of the portfolio differently and the effect any of these factors may have on any specific category of the portfolio cannot be predicted.

~~Many~~State ~~state~~ and local governmental authorities ~~have~~may ~~experienced~~experience deterioration of financial condition ~~in recent years~~ due to declining tax revenues, increased demand for services, and various other factors. To the extent LCNB has any municipal securities in its portfolio from issuers who are experiencing deterioration of financial condition or who may experience future deterioration of financial condition, the value of such securities may decline and could result in other-than-temporary impairment charges, which could have an adverse effect on LCNB’s financial condition and results of operations. Additionally, a general, industry-wide decline in the fair value of municipal securities could significantly affect LCNB’s financial condition and results of operations.

LCNB's investments in equity securities with readily determinable fair values are recorded at fair value with changes in fair value recognized in earnings. Accordingly, declines in the fair value of LCNB's equity investments will immediately decrease net income.

Changes in tax law and accounting standards could materially affect LCNB's operations.

Changes in tax laws, or changes in the interpretation of existing tax laws, could materially adversely affect LCNB’s operations. Similarly, new accounting standards, changes to existing accounting standards, and changes to the methods of preparing financial statements could impact LCNB’s reported financial condition and results of operations. These factors are outside LCNB’s control and it is impossible to predict changes that may occur and the effect of such changes.

LCNB is subject to environmental liability risk associated with lending activities.

A significant portion of the Bank’s loan portfolio is secured by real property. During the ordinary course of business, the Bank may foreclose on and take title to properties securing certain loans. In doing so, there is a risk that hazardous or toxic substances could be found on these properties. If hazardous or toxic substances are found, the Bank may be liable for remediation costs, as well as for personal injury and property damage. Environmental laws may require the Bank to incur substantial expenses and may materially reduce the affected property’s value or limit the Bank’s ability to use or sell the affected property. In addition, future laws or more stringent interpretations or enforcement policies with respect to existing laws may increase the Bank’s exposure to environmental liability. Although the Bank has policies and procedures to perform an environmental review before approving a loan or initiating any foreclosure action on real property, these reviews may not be sufficient to detect all potential environmental hazards. The remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on LCNB’s financial condition and results of operations.

The banking industry is highly regulated and is thus subject to larger impacts due to regulatory uncertainty.

LCNB is subject to regulation, supervision, and examination by the Federal Reserve Board and the Bank is subject to regulation, supervision, and examination by the OCC. LCNB and the Bank are also subject to regulation and examination by the FDIC as the deposit insurer. The CFPB is responsible for most consumer protection laws and has historically had broad authority, with certain exceptions, to regulate financial products offered by banks. Federal and state laws and regulations govern numerous matters including, but not limited to, changes in the ownership or control of banks, maintenance of adequate capital, permissible business operations, maintenance of deposit insurance, protection of customer financial privacy, the level of reserves held against deposits, restrictions on dividend payments, the making of loans, and the acceptance of deposits. See the previous section titled “Supervision and Regulation” for more information on this subject.

Federal regulators may initiate various enforcement actions against a financial institution that violates laws or regulations or that operates in an unsafe or unsound manner. These enforcement actions may include, but are not limited to, the assessment of civil money penalties, the issuance of cease-and-desist or removal orders, and the imposition of written agreements.

Proposals to change the laws governing financial institutions are periodically introduced in Congress and proposals to change regulations are periodically considered by the regulatory bodies. Furthermore, depending on presidential administrative priorities, there may be widespread initiatives to either regulate or deregulate financial institutions, which can lead to uncertainty for financial institutions as they navigate changes on a relatively frequent basis. Such future legislation and/or changes in regulations could increase or decrease the cost of doing business, limit or expand permissible activities, or affect the competitive balance among banks, savings associations, credit unions, and other financial institutions. The likelihood of any major changes in the future and their effects are ~~impossible to predict~~indeterminable.

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FDIC deposit insurance assessments may materially increase in the future.

Deposits of LCNB are insured up to statutory limits by the FDIC and, accordingly, LCNB and other banks and financial institutions pay quarterly premiums to the FDIC to maintain the DIF. On October 18, 2022, the FDIC issued a final rule that increased the initial base deposit insurance assessment rate paid by insured depository institutions by two basis points, beginning with the first quarterly assessment period of 2023. The likelihood and extent of any further rate increases in the future are indeterminable.

Failure to adopt new technologies may result in customer dissatisfaction.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services, including the emergence of artificial intelligence. LCNB’s future success depends, in part, upon its ability to address customer needs by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in LCNB’s operations. LCNB has implemented technologies that utilize artificial intelligence in connection with LCNB’s business and operations in order to scale its business, but the outcome of implementation may not realize all the benefits LCNB is hoping to scale. LCNB may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to its customers, or customers may be averse to the adoption of new technologies. Failure to successfully keep pace with technological change affecting the financial services industry could negatively affect LCNB’s growth, revenue and profit.

Emergence of non-bank alternatives to the financial system may result in customer disintermediation.

Consumers may decide not to use banks to complete their financial transactions. Technology and other changes, including the emergence of Fintech Companies, are allowing parties to complete financial transactions through alternative methods that historically have involved banks. For example, consumers can complete transactions, such as paying bills and/or transferring funds, directly without the assistance of banks. The process of eliminating banks as intermediaries, known as “disintermediation,” could result in the loss of fee income, as well as the loss of customer deposits and the related income generated from those deposits. The loss of these revenue streams and the lower cost of deposits as a source of funds could have a material adverse effect on our financial condition and results of operations.

Climate change, severe weather, natural disasters, acts of war or terrorism, political instability, epidemics and other external events could significantly impact LCNB’s business.

Climate change presents multi-faceted risks, including operational risk from the physical effects of climate events on LCNB and its customers’ facilities and other assets; credit risk from borrowers with significant exposure to climate risk; risks associated with the transition to a less carbon-dependent economy; and reputational risk from stakeholder concerns about our practices related to climate change, LCNB’s carbon footprint, and LCNB’s business relationships with clients who operate in carbon-intensive industries.

Natural disasters, including severe weather events of increasing strength and frequency due to climate change, acts of war or terrorism, political instability, and other adverse external events could have a significant impact on LCNB’s ability to conduct business or upon third parties who perform operational services for LCNB or its customers. Such events could affect the stability of LCNB’s deposit base, impair the ability of borrowers to repay outstanding loans, impair the value of collateral securing loans, cause significant property damage, result in lost revenue, or cause LCNB to incur additional expenses.

Outbreaks of communicable diseases have led to periods of significant volatility in financial and other markets, adversely affected our ability to conduct normal business, adversely affected our clients, and may harm our businesses, financial condition and results of operations. -24-

Pandemics and widespread outbreaks of communicable diseases may cause significant disruption in the international and United States economies and financial markets, including in the regions in which the Company operates. The spread of these diseases may lead to the cancellation of events and travel, business shutdowns, reduction in business activity and financial transactions, supply chain interruptions, and overall economic and financial market instability. Government imposed restrictions and other consequences of public health issues may result in significant adverse effects for many different types of businesses, and result in a significant number of layoffs and furloughs of employees nationwide and in the regions in which we operate, which, in turn, can impact our customer base. To the extent widespread health related events occur in the future, we could experience material and adverse effects on our business, operations, operating results, financial condition, liquidity, and capital levels as a result.

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Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

LCNB recognizes the critical importance of cybersecurity in safeguarding its business operations, intellectual property, and sensitive information. Cybersecurity risk management and strategy are integral to LCNB’s overall risk management framework. The following outlines LCNB’s approach to identifying, assessing, and mitigating cybersecurity risks.

LCNB conducts regular risk assessments to identify, prevent, and mitigate potential cybersecurity threats and vulnerabilities. These assessments consider the evolving threat landscape, the sensitivity of our data, and the potential impact on business operations. These risk assessments are utilized to develop our Information Security Program.

LCNB leverages threat intelligence sources to continually evaluate current and emerging cyber threats. This proactive approach allows LCNB to anticipate and respond to potential risks promptly.

LCNB’s cybersecurity controls are designed to protect against unauthorized access, data breaches, and other cyber threats. These controls encompass a multi-layered defense strategy, including firewalls, intrusion detection systems, encryption, and continuous monitoring.

LCNB recognizes that employees are a critical line of defense. Regular training programs ensure that our staff is aware of cybersecurity best practices, social engineering tactics, and the importance of safeguarding sensitive information. In the event of a cybersecurity incident, a well-defined incident response plan is in place. This plan includes a structured approach to containing, eradicating, and recovering from the incident, as well as communication protocols with stakeholders.

To further mitigate the potential financial impacts of cybersecurity incidents, LCNB maintains cybersecurity insurance coverage. This coverage is regularly reviewed and adjusted to align with the evolving threat landscape and risk profile.

LCNB is committed to a culture of continuous improvement in its cybersecurity practices. Regular evaluations, feedback mechanisms, and participation in industry collaborations help us adapt and enhance the strategy in response to emerging threats.

LCNB’s cybersecurity risk management and strategy reflect the dedication to maintaining the confidentiality, integrity, and availability of our information assets. LCNB believes that this proactive approach positions the Company well to navigate the evolving cybersecurity landscape. As of the report date, risks from cybersecurity threats have not materially affected our company.

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Governance

LCNB’s cybersecurity strategy is underpinned by a robust governance framework overseen by the Board of Directors. The Board plays an active role in shaping cybersecurity policies, conducting regular reviews of the effectiveness of the cybersecurity program, and ensuring its alignment with overarching business objectives. The Board’s oversight is further strengthened by the presence of a director with extensive information technology leadership experience, including service as a former Chief Information Officer and responsibility for establishing information security frameworks for global operations. This governance ensures a comprehensive and proactive approach to managing cybersecurity risks.

The Privacy Committee, intogether ~~conjunction~~ with the Information Security Officer, ~~plays~~provides adedicated ~~pivotal~~oversight ~~role~~of in the ~~assessment~~Company’s cybersecurity and ~~management~~data ofprivacy ~~cybersecurity~~risk ~~risks~~management activities. ~~Regular~~Committee ~~committee~~members ~~meetings~~possess ~~are~~experience ~~conducted~~relevant to ~~discuss~~risk oversight, regulatory compliance, and ~~analyze~~technology governance. The Information Security Officer has significant experience in information security, cybersecurity risk management, and compliance with applicable regulatory requirements, and provides subject‑matter expertise regarding cybersecurity threats, controls, and mitigation strategies. The Committee meets regularly to evaluate the evolving threat landscape., ~~These~~with meeting ~~minutes~~outcomes ~~are systematically~~ reported up to ~~the~~executive ~~Executive~~management and the Board ~~levels,~~of ~~ensuring~~Directors ~~that~~to ~~key~~support ~~decision-makers are well-~~informed decision‑making and ~~can~~effective ~~provide strategic guidance~~governance.

LCNB’s first line of defense against cybersecurity threats involves leveraging its workforce and engaging various Third Parties. Employees play a crucial role in maintaining a vigilant stance, while external partners contribute specialized expertise to enhance the overall cybersecurity posture. This collaborative approach strengthens LCNB’s defense mechanisms against evolving cyber threats.

Internal and external audits serve as essential tools to evaluate the efficacy of LCNB’s cybersecurity processes. These audits are conducted periodically to identify vulnerabilities, assess compliance with established policies, and ensure the effectiveness of implemented security controls. The insights gained from audits contribute to the continuous improvement and refinement of cybersecurity measures.

The Bank is equipped with a cadre of IT professionals boasting extensive industry experience in cybersecurity. These dedicated individuals bring years of knowledge to the table, staying abreast of the latest developments in the field. Their expertise enhances LCNB’s ability to address emerging threats proactively and reinforces the resilience of our cybersecurity framework.

LCNB’s governance structure ensures that cybersecurity is a top-level priority, with the Board, committees, employees, and external partners collaborating seamlessly to safeguard systems and data. Through continuous evaluation, robust defense mechanisms, and a skilled workforce, LCNB remains committed to maintaining the highest standards of cybersecurity.

Item 2. Properties

LCNB owns its main office in Lebanon, Ohio, which is approximately 28~~,000~~ thousand square feet and houses its executive, wealth management, and certain administrative personnel. As of December 31, ~~2024~~2025, LCNB owns an additional 2827 branch locations and leases an additional seven branch locations, pursuant to operating leases. The Main Office, Oxford, ~~Ohio,~~ Eaton, ~~Ohio~~Bridgetown, and ~~Bridgetown,~~Hyde ~~Ohio~~Park locations have excess space that is currently being leased to third parties. An operations center in Lebanon, Ohio is currently being leased from the Warren County Port Authority. Upon expiration of the lease in 2027, LCNB has the option to purchase the property for $1.00. Management believes that LCNB's banking and other offices are in good condition and suitable to its needs.

The Florence, Kentucky office closed at the end of the business day onFebruary 27, 2025.

Item 3. Legal Proceedings

Except for routine litigation incidental to its businesses, LCNB is not a party to any material pending legal proceedings and none of its property is the subject of any material proceedings.

Item 4. Mine Safety Disclosures

Not Applicable.

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PART II

LCNB had approximately 1,~~138~~ 123 registered holders of its common stock as of March 1211, ~~2025~~2026. The number of shareholders includes banks and brokers who act as nominees, each of whom may represent more than one shareholder. LCNB’s stock trades on the NASDAQ Capital Market® exchange under the symbol “LCNB.”

LCNB depends on dividends from the Bank for the majority of its liquid assets, including the cash needed to pay dividends to its shareholders. National banking law limits the amount of dividends the Bank may pay to the sum of retained net income, as defined, for the current year plus retained net income for the previous two calendar years. Prior approval from the OCC, the Bank’s primary regulator, would be necessary for the Bank to pay dividends in excess of this amount. If dividends exceed retained net income for a year, a bank is generally not required to carry forward the negative amount resulting from such excess if the bank can attribute the excess to the preceding two years. If the excess is greater than the bank's previously undistributed net income for the preceding two years, prior OCC approval of the dividend is required and a negative amount would be carried forward in future dividend calculations. In addition, dividend payments may not reduce capital levels below minimum regulatory guidelines.

~~During~~The 2025 Ownership Incentive Plan (the ~~period~~"2025 ofPlan") ~~this~~was ~~report~~approved by LCNB's shareholders at the annual meeting on May 19, 2025 and supersedes the 2015 Ownership Plan, which terminated on April 28, 2025. Both plans allow for stock-based awards to eligible employees, as determined by the Compensation Committee of LCNB's ~~did~~Board ~~not~~of ~~sell~~Directors ~~any~~("Compensation Committee"). Awards may be made in the form of ~~its~~stock ~~securities~~options, ~~that~~appreciation ~~were~~rights, ~~not~~restricted ~~registered~~shares, ~~under~~and/or restricted share units. The 2025 Plan provides for the ~~Securities~~issuance ~~Act~~of up to 600 thousand shares of common stock. It will terminate on May 19, 2035 and is subject to earlier termination by the Compensation Committee.

~~The~~On ~~2015~~February ~~Ownership~~27, ~~Incentive~~2023, ~~Plan (the "2015 Plan") was approved by~~ LCNB's ~~shareholders~~Board atof ~~the~~Directors ~~annual~~authorized ~~meeting~~a onnew ~~April~~Issuer ~~28,~~Stock ~~2015~~Repurchase ~~and~~Plan ~~allows~~Agreement ~~for stock-based awards to eligible employees, as determined by~~ (the ~~Compensation Committee of LCNB's Board of Directors ("Compensation Committee"~~“Program”). ~~Awards~~Under ~~may be made in~~ the ~~form~~terms of ~~stock~~the ~~options~~Program, ~~appreciation~~LCNB ~~rights,~~is ~~restricted~~authorized ~~shares,~~to ~~and/or~~repurchase ~~restricted share units. The 2015 Plan provides for the issuance of~~ up to ~~450,000~~500 ~~shares~~thousand of its outstanding common ~~stock~~shares. The ~~2015~~Program replaced ~~Plan~~and ~~will~~superseded ~~terminate~~LCNB’s onprior ~~April~~Issuer ~~28,~~Stock ~~2025~~Repurchase ~~and~~Plan isAgreement, ~~subject~~which towas ~~earlier~~adopted ~~termination~~on byMay ~~the~~27, ~~Compensation Committee~~2022.

OnUnder ~~February~~the 27Program, ~~2023,~~ LCNB's ~~Board~~may ofpurchase ~~Directors~~common ~~authorized~~shares athrough ~~new~~various ~~Issuer~~means ~~Stock~~such ~~Repurchase~~as ~~Plan~~open ~~Agreement~~market ~~(the~~transactions, ~~“Plan”).~~including ~~Under~~block ~~the~~purchases ~~terms~~and privately negotiated transactions. The number of shares repurchased and the ~~Plan~~timing, ~~LCNB~~manner, isprice, ~~authorized~~and toamount ~~repurchase~~of upany torepurchases ~~500,000~~will ofbe ~~its~~determined ~~outstanding~~at ~~common~~LCNB's ~~shares~~discretion. ~~The~~Factors ~~Plan~~include, ~~replaced~~but are not limited to, share price, trading volume, and ~~superseded~~general market conditions, along with LCNB’s ~~prior~~general ~~Issuer~~business ~~Stock~~conditions. ~~Repurchase~~The ~~Plan~~Program may ~~Agreement,~~be ~~which~~suspended ~~was~~or ~~adopted~~discontinued inat ~~May~~any ~~27,~~time ~~2022~~and does not obligate LCNB to acquire any specific number of its common shares.

~~Under~~As part of the ~~Plan~~Program, LCNB ~~may~~entered ~~purchase~~into ~~common~~a ~~shares~~trading ~~through~~plan ~~various~~adopted ~~means~~in ~~such~~accordance aswith ~~open~~Rule ~~market~~10b5-1 ~~transactions,~~of ~~including~~the ~~block~~Securities ~~purchases~~Exchange ~~and~~Act ~~privately~~of ~~negotiated~~1934, ~~transactions~~as amended. The ~~number~~10b5-1 oftrading ~~shares~~plan ~~repurchased~~permits ~~and~~common ~~the~~shares ~~timing,~~to ~~manner,~~be ~~price,~~repurchased ~~and~~at ~~amount~~times ofthat ~~any~~LCNB ~~repurchases~~might ~~will~~otherwise be ~~determined~~precluded atfrom ~~LCNB's~~doing ~~discretion.~~so ~~Factors~~under ~~include,~~insider ~~but~~trading ~~are~~laws ~~not~~or ~~limited~~self-imposed ~~to, share price,~~ trading ~~volume, and general market conditions, along with LCNB’s general business conditions~~restrictions. The ~~Plan~~10b5-1 ~~may~~trading beplan ~~suspended~~is oradministered ~~discontinued~~by atan ~~any~~independent ~~time~~broker and ~~does~~is ~~not~~subject ~~obligate LCNB~~ to ~~acquire~~price, ~~any~~market ~~specific~~volume, ~~number~~and oftiming ~~its common shares~~restrictions.

AsNo ~~part~~purchases ofwere ~~the~~made ~~Plan,~~under ~~LCNB~~the ~~entered~~Program ~~into~~during ~~a trading plan adopted in accordance with Rule 10b5-1 of~~ the ~~Securities~~three ~~Exchange~~months ~~Act~~ended ofDecember ~~1934~~31, ~~as amended~~2025. The ~~10b5-1~~maximum ~~trading~~number ~~plan~~of ~~permits common~~ shares ~~to be repurchased at times~~ that ~~LCNB~~may ~~might~~yet ~~otherwise~~ be ~~precluded~~purchased ~~from doing so~~ under ~~insider~~the ~~trading~~Program ~~laws or self-imposed trading restrictions. The 10b5-1 trading plan~~ is ~~administered~~approximately ~~by an independent broker and is subject to price, market volume, and timing restrictions~~311 thousand.

~~No purchases were made under the Program during the three months ended December 31, 2024. The maximum number of shares that may yet be purchased under the Program is 315,047.~~ -27-

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Stock Performance Graph

The graph below provides an indicator of cumulative total shareholder returns for LCNB as compared with the NASDAQ Composite Index and the S&P U.S. BMI Banks - Midwest Region Index. This graph covers the period from December 31, 2020 through December 31, 2025. The cumulative total shareholder returns included in the graph reflect the returns for the shares of common stock of LCNB. The information provided in the graph assumes that $100 was invested on December 31, 2020 in LCNB common stock, the NASDAQ Composite Index, and the S&P U.S. BMI Banks - Midwest Region Index and that all dividends were reinvested. This graph shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, unless the Company specifically incorporates this report by reference. It will not be otherwise filed under such Acts.

		*Period Ending*
*Index*	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
LCNB Corp.	$ 100.00	138.78	134.10	124.07	126.15	144.71
NASDAQ Composite Index	$ 100.00	122.18	82.43	119.22	154.48	187.14
S&P U.S. BMI Banks - Midwest Region Index	$ 100.00	132.12	114.02	116.4	142.02	159.02

Source: S&P Global Market Intelligence
© 2026

Unregistered Sales of Equity Securities and Repurchases.

There were no unregistered sales of securities during the fiscal year. As previously disclosed, there were no repurchases of shares or other units of LCNB’s securities registered in the fourth quarter of the fiscal year.

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Item 6. [Reserved]

Item

7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Introduction

This discussion and analysis of the consolidated financial condition and consolidated results of operations of LCNB is intended to amplify certain financial information regarding LCNB and should be read in conjunction with the consolidated financial statements and related notes thereto contained in this Annual Report to Shareholders on Form 10-K.

Overview

Net income for ~~2024~~2025 was $~~13,492,000~~23.1 million (basic and diluted earnings per share of $01.9763), compared to $~~12,628,000~~13.5 million (basic and diluted earnings per share of $10.1097) in ~~2023~~2024 and $~~22,128,000~~12.6 million (basic and diluted earnings per share of $1.9310) in ~~2022~~2023.

The following items affected financial position and results of operations for the years indicated:

•

Cincinnati Bancorp, Inc. merged with and into LCNB Corp. on November 1, 2023 and Eagle Financial Bancorp, Inc. merged with and into LCNB Corp. on April 12, 2024.

• Merger related expenses connected with the above two acquisitions totaled $3~~,442,000~~.4 million and $4~~,656,000~~.7 million during 2024 and 2023, respectively.

• Net interest income in ~~2024~~2025 was $6070.2 million,~~795,000,~~ compared to $~~56,349,000~~60.8 million in ~~2023~~2024 and $~~61,042,000~~56.3 inmillion ~~2022~~2023.

• The provision for credit losses in ~~2024~~2025 totaled $1.9 million,~~962,000,~~ compared to a provision of $2~~,077,000~~.0 million for ~~2023~~2024 and $~~250,000~~2.1 for ~~2022~~2023. Included in the provision for credit losses for 2025 was a $1.4 million provision to fully reserve against two commercial and industrial loans made to the same borrower. Included in the provision for 2024 was a $763~~,000~~ thousand provision ~~expense~~ related to loans acquired through the Eagle Financial Bancorp acquisition that were not considered purchased with credit deterioration ("non-PCD loans"). A comparable provision of $1~~,722,000~~.7 million was recognized on non-PCD loans acquired through the Cincinnati Bancorp acquisition in 2023.

• Net gains from sales of loans totaled $~~3,433,000~~2.9 million in ~~2024~~2025, $~~697,000~~3.4 million in ~~2023~~2024, and $~~196,000~~697 thousand in ~~2022~~2023. Gains were higher in 2024 primarily due to the volume of loans sold.

• Other non-interest expense for 2025 included $265 thousand in impairment charges on a closed office building held-for-sale. Other non-interest expense for 2024 and 2023 were partially offset by gains recognized on the ~~sale~~sales of closed office buildings of $455~~,000~~ thousand and $425 thousand,~~000,~~ respectively. The offices were closed as a result of LCNB's branch consolidation strategy.

• Other non-interest expense for 2022 included $471,000 in losses from the sales of two office buildings as a result of LCNB's branch consolidation strategy.

• Other non-interest expense for 2022 was partially offset by an $889,000 gain recognized from the sale of other real estate owned.

Net Interest Income

LCNB's primary source of earnings is net interest income, which is the difference between earnings from loans and other investments and interest paid on deposits and other liabilities. The following table presents, for the years indicated, average balances for interest-earning assets and interest-bearing liabilities, the income or expense related to each item, and the resulting average yields earned or rates paid.

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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

	Years ended December 31,
	2024								2023								2022
	2025								2024								2023
	Average			Interest		Average			Average			Interest		Average			Average			Interest		Average
	Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/
	Balance			Paid		Rate			Balance			Paid		Rate			Balance			Paid		Rate
	(Dollars in thousands)
Loans (1)	$	1,~~765~~705,~~672~~520		$	9694,~~477~~313		5.4653	%		1,~~467~~765,~~981~~672			7196,~~894~~477		45.9046	%		1,~~380~~467,~~272~~981			5971,~~247~~894		4.2990	%
Interest-bearing demand deposits		159,~~486~~592			~~890~~577		56.7502	%		1315,~~039~~486			~~734~~880		5.6368	%		913,~~027~~039			~~166~~734		15.8463	%
Interest-bearing time deposits		61443			—14		03.0016	%		—401			—10		02.0049	%		—			—		0.00	%
Federal Reserve Bank stock		6,~~143~~405			~~369~~384		6.0100	%		46,~~722~~143			~~283~~369		56.9901	%		4,~~652~~722			~~279~~283		65.0099	%
Federal Home Loan Bank stock		1920,~~460~~710			1,~~641~~785		8.4362	%		819,~~293~~460			~~590~~1,641		78.1143	%		48,~~716~~293			~~196~~590		47.1611	%
Investment securities:
Equity securities		5,~~012~~064			~~184~~173		3.6742	%		35,~~879~~012			~~175~~184		43.5167	%		43,~~451~~879			85175		14.9151	%
Debt securities, taxable		~~261~~247,~~856~~671			4,~~847~~876		1.8597	%		~~277~~261,~~157~~856			54,~~235~~847		1.8985	%		~~293~~277,~~700~~157			5,~~027~~235		1.7189	%
Debt securities, non-taxable (2)		1917,~~005~~870			~~768~~791		4.0443	%		2419,~~031~~005			~~871~~768		34.6204	%		2724,~~532~~031			~~953~~871		3.4662	%
Total earning assets		2,~~092~~013,~~695~~275			~~105~~102,~~176~~913		5.0311	%		12,~~799~~093,~~102~~035			79105,~~782~~176		45.4303	%		1,~~724~~799,~~350~~102			6579,~~953~~782		34.8243	%
Non-earning assets		~~267~~270,~~894~~348								~~210~~267,~~509~~554								~~196~~210,~~995~~509
Allowance for credit losses		(1112,~~263~~107	)							(811,~~046~~263	)							(58,~~629~~046	)
Total assets	$	2,~~349~~271,~~326~~516								2,~~001~~349,~~565~~326								12,~~915~~001,~~716~~565
Interest-bearing demand and money market deposits	$	~~607~~609,~~144~~615			129,~~877~~686		21.1259	%		~~535~~607,~~865~~144			712,~~850~~877		12.4612	%		~~516~~535,~~949~~865			17,~~372~~850		01.2746	%
Savings deposits		~~368~~361,~~401~~650			~~1,028~~805		0.2822	%		~~398~~368,~~299~~401			~~725~~1,028		0.1828	%		~~449~~398,~~841~~299			~~618~~725		0.1418	%
IRA and time certificates		~~481~~437,~~516~~913			2116,~~933~~657		43.5580	%		~~233~~481,~~604~~516			721,~~996~~933		34.4255	%		~~172~~233,~~119~~604			17,~~692~~996		03.9842	%
Short-term borrowings		~~18,987~~47			~~1,117~~3		56.8838	%		7518,~~383~~987			41,~~060~~117		5.3988	%		1475,~~482~~383			~~416~~4,060		25.8739	%
Long-term debt		~~156~~110,~~683~~324			75,~~265~~374		4.6487	%		56156,~~798~~683			27,~~619~~265		4.6164	%		1756,~~910~~798			~~613~~2,619		34.4261	%
Total interest-bearing liabilities		1,~~632~~519,~~731~~549			4432,~~220~~525		2.7114	%		1,~~299~~632,~~949~~731			2344,~~250~~220		12.7971	%		1,~~171~~299,~~301~~949			423,~~711~~250		01.4079	%
Noninterest-bearing demand deposits		~~450~~468,~~147~~117								~~472~~450,~~232~~147								~~513~~472,~~400~~232
Other liabilities		2019,880								2120,~~557~~880								2221,~~744~~557
Capital		~~245~~263,~~568~~970								~~207~~245,~~827~~568								~~208~~207,~~271~~827
Total liabilities and capital	$	2,~~349~~271,~~326~~516								2,~~001~~349,~~565~~326								12,~~915~~001,~~716~~565
Net interest rate spread (3)							2.3297	%							2.6432	%							32.4264	%
Net interest income and net interest margin on a tax equivalent basis (4)				$	6070,~~956~~388		23.9150	%					5660,~~532~~956		32.1491	%					6156,~~242~~532		3.5514	%
Ratio of interest-earning assets to interest-bearing liabilities		~~128~~132.1749	%							~~138~~128.4019	%							~~147~~138.2240	%

(1)	Includes non-accrual loans if any.

(2)	Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%.

(3)	The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities.

(4)	The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

The following table presents the changes in interest income and expense for each major category of interest-earning assets and interest-bearing liabilities and the amount of change attributable to volume and rate changes for the years indicated. Changes not solely attributable to rate or volume have been allocated to volume and rate changes in proportion to the relationship of absolute dollar amounts of the changes in each.

For the years ended December 31,

2024 vs. 2023

2023 vs. 2022

2025 vs. 2024

2024 vs. 2023

Increase (decrease) due to

Volume

Rate

Total

Volume

Rate

Total

(In thousands)

Interest income attributable to:

Loans (1)

15(3,~~653~~316

)

81,~~930~~152

24(2,~~583~~164

)

315,~~930~~653

8,~~717~~930

1224,~~647~~583

Interest-bearing demand deposits

~~140~~(352

)

1649

~~156~~(303

)

~~101~~140

~~467~~16

~~568~~156

Interest-bearing time deposits

—1

—3

—4

—

Federal Reserve Bank stock

8516

)

8615

485

—1

486

Federal Home Loan Bank stock

~~924~~107

~~127~~37

~~1,051~~144

~~203~~924

~~191~~127

~~394~~1,051

Investment securities:

Equity securities

452

(3613

)

9(11

)

~~(12~~45

)

~~102~~(36

)

909

Debt securities, taxable

(~~285~~270

)

~~(103~~299

)

~~(388~~29

)

(~~293~~285

)

~~501~~(103

)

~~208~~(388

)

Debt securities, non-taxable (2)

(~~196~~48

)

9371

~~(103~~23

)

(~~125~~196

)

4393

(82103

)

Total interest income

16(3,~~366~~860

)

91,~~028~~597

25(2,~~394~~263

)

316,~~808~~366

109,~~021~~028

1325,~~829~~394

Interest expense attributable to:

Interest-bearing demand and money market deposits

~~1,151~~52

(3,~~876~~243

)

5(3,~~027~~191

)

521,151

63,~~426~~876

65,~~478~~027

Savings deposits

(5819

)

~~361~~(204

)

~~303~~(223

)

(7758

)

~~184~~361

~~107~~303

IRA and time certificates

10(1,~~625~~870

)

(3,~~312~~406

)

13(5,~~937~~276

)

~~793~~10,625

53,~~511~~312

613,~~304~~937

Short-term borrowings

(31,~~287~~202

)

~~344~~88

(21,~~943~~114

)

(3,~~016~~287

)

~~628~~344

3(2,~~644~~943

)

Long-term debt

4(2,~~631~~242

)

15351

4(1,~~646~~891

)

14,~~729~~631

~~277~~15

24,~~006~~646

Total interest expense

13(5,~~062~~281

)

7(6,~~908~~414

)

20(11,~~970~~695

)

513,~~513~~062

137,~~026~~908

1820,~~539~~970

Net interest income

31,~~304~~421

18,~~120~~011

49,~~424~~432

(13,~~705~~304

)

(31,~~005~~120

)

(4,~~710~~424

)

(1)

Non-accrual loans, if any, are included in average loan balances.

(2)

Change in interest income from non-taxable investment securities is computed based on interest income determined on a taxable-equivalent yield basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%.

~~2024~~2025 vs. ~~2023~~2024. Net interest income on a fully tax-equivalent basis for ~~2024~~2025 totaled $~~60,956,000,~~70.4 million, an increase of $9.4~~,424,000~~ million from ~~2023~~2024. The increase resulted from ana ~~increase~~decrease in total ~~taxable-equivalent~~ interest ~~income~~expense of $2511.7 million,~~394,000,~~ ~~which was~~ partially offset by ana decrease ~~increase~~ in total taxable-equivalent interest ~~expense~~income of $~~20,970,000~~2.3 million.

The ~~increase~~decrease in total interest income was due primarily to a $~~24,583,000~~2.2 ~~increase~~million decrease in interest income from loans due to a $~~297~~60.7 2 million ~~increase~~decrease in average loans, ~~and~~partially tooffset by a 567 basis point increase in the average rate earned. ~~Average loans increased due to organic growth in the portfolio in addition to~~ ~~loans acquired through mergers with CNNB in quarter four of 2023 and EFBI in quarter two of 2024.~~

The ~~increase~~decrease in total interest expense was primarily due to a $~~13,937,000~~5.3 ~~increase~~million decrease in interest paid on IRA and time certificates and to a $3.2 million decrease in interest paid on interest-bearing demand and money market deposit accounts. Interest on IRA and time certificates decreased due to a $~~247~~43.9 6 million ~~increase~~decrease in average balances and to a ~~113~~75 basis point ~~increase~~decrease in the average rate paid. Interest paid on interest-bearing demand and money market deposit accounts ~~increased~~ decreased due to a ~~$71.3~~53 ~~million~~basis ~~increase~~point decrease in the average ~~deposit~~rate ~~balances~~paid, ~~and~~partially tooffset aby 66$2.5 ~~basis~~million ~~point~~ increase in ~~the~~ average ~~rate~~deposit ~~paid~~balances. ~~Interest~~In addition, interest paid on short-term borrowings and long-term debt ~~increased~~decreased due to adecreases ~~$99.9~~in ~~million~~average ~~increase~~balances outstanding. The decrease in average IRA and time certificate balances and tothe corresponding decrease in average rates reflects a strategic 3reduction ~~basis~~in higher-cost ~~point~~certificates ~~increase~~of indeposit ~~the~~and ~~average~~IRA ~~rate~~balances ~~paid~~as part of LCNB's funding optimization strategy.

2024 vs. 2023. Net interest income on a fully tax-equivalent basis for 2024 totaled $61.0 million, an increase of $4.4 million from 2023. The increase resulted from an increase in total taxable-equivalent interest income of $25.4 million, which was partially offset by an increase in total interest expense of $21.0 million.

The increase in total interest income was due primarily to a $24.6 million increase in interest income from loans due to a $297.7 million increase in average loans and to a 56 basis point increase in the average rate earned. Average loans increased due to organic growth in the portfolio in addition to loans acquired through the merger with CNNB in the fourth quarter of 2023 and EFBI in the second quarter of 2024.

The increase in total interest expense was primarily due to a $13.9 million increase in interest paid on IRA and time certificates due to a $247.9 million increase in average balances and to a 113 basis point increase in the average rate paid. Interest paid on interest-bearing demand and money market deposit accounts increased due to a $71.3 million increase in average deposit balances and to a 66 basis point increase in the average rate paid. Interest paid on long-term debt increased due to a $99.9 million increase in average balances and to a 3 basis point increase in the average rate paid.

The increased rates paid on interest-bearing liabilities and the increased yield earned on interest-earning assets is largely the result of fluctuations in market rates.

~~2023 vs. 2022. Net interest income on a fully tax~~ -~~equivalent basis for 2023 totaled $56,532,000, a decrease of $4,710,000 from 2022. The decrease resulted from an increase in total taxable~~31-~~equivalent interest income of $13,829,000, which was more than offset by an increase in total interest expense of $18,539,000.~~

The increase in total interest income was due primarily to a $12,647,000 increase in interest income from loans due to an $87.7 million increase in average loans and to a 61 basis point increase in the average rate earned. Average loans increased due to organic growth in the portfolio and to loans acquired through the merger with CNNB.

The increase in total interest expense was primarily due to a $6,478,000 increase in interest paid on interest-bearing demand and money market deposits, a $6,304,000 increase in interest paid on IRA and time certificates, a $3,644,000 increase in interest paid on short-term borrowings, and a $2,006,000 increase in interest paid on long-term debt. Interest paid on interest-bearing demand and money market deposits increased due to an $18.9 million increase in average balances and to a 119 basis point increase in the average rate paid. Interest paid on IRA and time certificates increased due to a $61.5 million increase in average deposit balances and to a 244 basis point increase in the average rate paid. Interest paid on short-term borrowings increased due to a $60.9 million increase in average balances and to a 251 basis point increase in the average rate paid. Interest paid on long-term debt increased due to a $38.9 million increase in average balances and to a 119 basis point increase in the average rate paid.

-29-

Table of Contents

LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Allowance for Credit Losses

LCNB continuously reviews the loan portfolio for credit risk through the use of its lending and loan review functions. Independent loan reviews analyze specific loans, providing validation that credit risks are appropriately identified, graded, and reported to the Loan Committee, Board of Directors, and the Audit Committee ~~of the Board of Directors~~. New credits meeting specific criteria are analyzed prior to origination and are reviewed by the Loan Committee, ~~the Loan Committee~~ of the Board of Directors, and the Board of Directors.

The total provision for credit losses is determined based upon management's evaluation as to the amount needed to maintain the allowance for credit losses at a level considered appropriate in relation to the risk of losses inherent in the portfolio. For analysis purposes, the loan portfolio is separated into pools of similar loans. These pools include commercial and industrial loans, owner occupied commercial real estate loans, non-owner occupied commercial real estate loans, real estate loans secured by farms, real estate loans secured by multi-family dwellings, residential real estate loans secured by senior liens on 1-4 family dwellings, residential real estate loans secured by junior liens on 1-4 family dwellings, home equity line of credit loans, consumer loans, loans for agricultural purposes not secured by real estate, construction loans secured by 1-4 family dwellings, construction loans secured by other real estate, and several smaller classifications. Within each pool of loans, LCNB examines a variety of factors to determine the adequacy of the allowance for credit losses, including historic charge-off percentages, overall pool quality, a review of specific problem loans, current economic trends and conditions that may affect borrowers' ability to pay, and the nature, volume, and consistency of the loan pool.

LCNB recorded provisions for credit losses and unfunded commitments totaling $1~~,962,000~~.9 million for ~~2024~~2025, ~~compared~~$2.0 tomillion afor 2024 and $2~~,077,000~~.1 ~~provision~~million for 2023. ~~and~~The aprovision for 2025 includes $~~250,000~~1.4 ~~provision~~ million to fully reserve for ~~2022.~~two ~~Included~~commercial inand industrial loans to the ~~provision~~same ~~for~~borrower within ~~credit~~the ~~losses~~logistics ~~for~~sector. Management ~~2024~~does ~~and~~not ~~2023~~believe ~~were~~there will be any additional reserves associated with ~~$763,000~~this loan and aanticipates ~~$1,722,000,~~the ~~respectively, related~~loan towill ~~non-PCD~~be ~~loans~~charged ~~acquired~~off ~~through~~during the ~~EFBI~~first ~~and~~quarter ~~CNNB acquisitions~~of 2026. Management ~~Calculating~~believes anthis ~~appropriate~~event does ~~level~~not ~~for~~reflect the ~~allowance~~overall ~~and~~strength, diversity, or performance of its loan portfolio or the markets that LCNB serves. Included in the provision for credit losses ~~involves~~for a2024 ~~high~~and ~~degree~~2023 ofwere ~~management~~$763 ~~judgment~~thousand and $1.7 ismillion, ~~by its nature~~respectively, related ~~imprecise.~~to ~~Revisions~~non-PCD ~~may~~loans beacquired ~~necessary~~through asthe ~~more~~EFBI ~~information~~and ~~becomes available~~CNNB acquisitions.

~~Net~~Calculating ~~charge-offs~~an appropriate level for ~~2024,~~the ~~2023,~~allowance and ~~2022~~provision ~~totaled~~for ~~$741,000,~~credit ~~$185,000,~~losses ~~and~~involves ~~$110,000,~~a ~~respectively.~~high ~~Charge-offs~~degree ~~during~~of ~~2024~~management ~~were~~judgment ~~greater~~and ~~because~~is, ofby aits ~~$589~~nature,~~000~~ ~~charge-off~~imprecise. onRevisions amay ~~commercial~~be &necessary ~~industrial~~as ~~loan~~more information becomes available.

Net charge-30offs for 2025, 2024, and 2023 totaled $273 thousand, $741 thousand, and $185 thousand, respectively. Charge- offs during 2024 were greater because of a $589 thousand charge-off on a commercial & industrial loan.

-32-

Table of Contents

LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Non-Interest Income

A comparison of non-interest income for ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 is as follows:

Increase (Decrease)

2024

2023

2022

2024 vs. 2023

2023 vs. 2022

2025

2024

2023

2025 vs. 2024

2024 vs. 2023

(In thousands)

Fiduciary income

89,~~445~~531

78,~~091~~445

67,~~468~~091

1,~~354~~086

~~623~~1,354

Service charges and fees on deposit accounts

67,~~759~~384

56,~~856~~759

65,~~190~~856

~~903~~625

~~(334~~903

)

Net losses on sales of debt securities

~~(214~~—

)

—(214

)

—

(214

)

—(214

)

Bank owned life insurance income

1,~~665~~422

1,~~136~~665

1,~~074~~136

~~529~~(243

)

62529

Net gains from sales of loans

32,~~433~~937

~~697~~3,433

~~196~~697

~~2,736~~(496

)

~~501~~2,736

Other operating income

~~316~~501

~~631~~316

~~360~~631

~~(315~~185

)

~~271~~(315

)

Total non-interest income

2021,~~404~~775

1520,~~411~~404

1415,~~288~~411

41,~~993~~371

14,~~123~~993

Reasons for changes include:

• Fiduciary income increased in 2025, 2024, and 2023, primarily due to increases in the fair values of trust and brokerage assets managed, on which fees are based. The increases in fair value were due to the opening of new Wealth Management customer accounts and to an increase in the market values of managed assets. • Service charges and fees on deposit accounts increased during 2025 primarily due to an increased volume in overdraft fees collected and secondarily to an increase in fee income received on the ICS product. Service charges and fees on deposit accounts increased during 2024 primarily due to increases in check card income and fee income received on the ICS product, partially offset by a decrease in overdraft fees and deposit account fees in general. LCNB reduced overdraft fees from $35 per occurrence to $25 effective November 1, 2023. A higher volume of check cards were outstanding during 2024 due to the mergers with EFBI and CNNB. Service charges and fees on deposit accounts decreased during 2023 primarily due to decreases in most fee categories, including fees received from check cards, ATM usage fees, and deposit account fees in general. • Net losses from sales of debt securities during 2024 reflect losses recognized on sales of municipal securities with amortized cost bases of approximately $9.8 million. There were no sales of debt securities during 2025 or 2023. • Bank-owned life insurance ("BOLI") income ~~increased~~was ~~during~~elevated in 2024 primarily due to mortality proceeds recognized. The ~~2023~~2025 and ~~2022~~2023 periods did not include mortality proceeds. BOLI income also increased to a lesser extent from 2023 to 2024 and 2025 due to insurance policies acquired in the mergers with EFBI and CNNB. • Net gains from sales of loans were greater during ~~2024~~2025 and ~~2023~~2024 primarily due to a higher volume of residential real estate loans sold. Included in these gains for the 2024 period were an $843~~,000~~ thousand loss on the sale of approximately $48.9 million of below market rate loans acquired from CNNB and a $359~~,000~~ thousand gain on the sale of approximately $29.8 million of below market rate loans predominately acquired from EFBI. The funds from these acquired loan sales were used to fund new loans and pay down debt. • Other operating income decreased in 2024 as compared to 2023 primarily due to amortization of capitalized mortgage servicing rights obtained in the merger with CNNB, which amortization is netted for accounting purposes against fee income recognized from the servicing of sold residential mortgage loans. Other operating income ~~increased~~for in2025 ~~2023~~increased asprimarily ~~compared~~due to ~~2022~~a ~~primarily~~decrease ~~because~~in amortization of ~~realized~~capitalized ~~and~~mortgage ~~unrealized~~servicing ~~net gains on equity securities, reflecting a partial recovery in market values~~rights.

-3133-

Table of Contents

LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Non-Interest Expense

A comparison of non-interest expense for ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 is as follows:

								Increase (Decrease)
	2024		2023		2022			2024 vs. 2023			2023 vs. 2022
	2025		2024		2023			2025 vs. 2024			2024 vs. 2023
	(In thousands)
Salaries and employee benefits	$	35,~~170~~496		2935,~~108~~170		2829,~~483~~108			~~6,062~~326			~~625~~6,062
Equipment expenses		1,~~584~~517		1,~~616~~584		1,~~629~~616			(3267	)		(1332	)
Occupancy expense, net		3,~~725~~983		3,~~301~~725		3,~~067~~301			~~424~~258			~~234~~424
State financial institutions tax		1,~~881~~716		1,~~628~~881		1,~~740~~628			~~253~~(165	)		~~(112~~253	)
Marketing		1,~~047~~223		1,~~101~~047		1,~~184~~101			~~(54~~176	)		(8354	)
Amortization of intangibles		1,~~142~~075		~~532~~1,142		~~478~~532			~~610~~(67	)		54610
FDIC premiums		1,~~895~~487		~~932~~1,895		~~530~~932			~~963~~(408	)		~~402~~963
Computer maintenance and supplies		1,~~425~~506		1,~~358~~425		1,~~114~~358			6781			~~244~~67
Contracted services		3,~~212~~520		23,~~776~~212		2,~~503~~776			~~436~~308			~~273~~436
Other real estate owned, net		5		4		(866	)		1			870
Merger-related expenses		140		3,442		4,656			(3,302	)		(1,214	)
Merger-related expenses		3,442		4,656		—			(1,214	)		4,656
Other non-interest expense		10,246		8,753		7,415			1,493			1,338
Other non-interest expense		8,748		7,411		8,272			1,337			(861	)
Total non-interest expense	$	61,909		63,276		54,423			(1,367	)		8,853
Total non-interest expense	$	63,276		54,423		48,134			8,853			6,289

Reasons for changes include:

• Salaries and employee benefits were 200.89% greater in ~~2024~~2025 than in ~~2023~~2024 and 220.28% greater in ~~2023~~2024 than in ~~2022~~2023. The increase in 2025 was primarily due to increases in miscellaneous employee related costs, largely offset by a decrease in wages and benefits caused by a reduction in the number of employees. The increase in 2024 was due to overall wage and benefit increases, an increased number of employees due to the acquisitions of EFBI and CNNB, higher sales commissions, and higher health insurance costs. The increase in 2023 was primarily due to overall wage and benefit increases, a higher number of employees during November and December as a result of the CNNB merger, and a higher amount recognized for 401(k) plan matching. These increases were partially offset by decreased pension and health insurance expenses and to a higher amount of personnel expenses deferred during 2023 as a cost of loan originations.

• Occupancy expense, net increased during 2025 primarily due to increased real estate taxes and depreciation. Occupancy expense, net increased during 2024 primarily due to increased utility and depreciation expenses caused by the additional offices acquired from EFBI and CNNB. Maintenance and repair costs related to LCNB's office facilities also contributed to the increase. ~~Occupancy expense, net increased during 2023 due to a higher amount of maintenance and repair costs on LCNB's properties in general as well as incremental expenses related to the CNNB acquisition.~~

• ~~State~~Amortization ~~financial~~of ~~institutions~~intangibles ~~tax, which is based on previous year-end capital levels,~~ increased during 2024 as compared to 2023 due to ~~increases~~the inamortization ~~capital~~of ~~resulting~~core ~~primarily~~deposit ~~from~~intangibles ~~stock~~recognized ~~issued~~from ~~for~~ the ~~acquisition~~acquisitions of EFBI and CNNB. ~~The~~Amortization ~~tax~~ decreased induring ~~2023~~2025 asbecause ~~compared~~the tocore ~~2022~~deposit ~~due~~intangibles related to ~~reductions~~the inBNB ~~capital~~Bancorp, ~~caused~~Inc. ~~by treasury share purchases during 2022~~ and aColumbus ~~decrease~~First ~~in the fair value of debt securities during 2022~~Bancorp, ~~which~~Inc. ~~was~~acquisitions ~~recorded~~were ~~net~~amortized ~~of taxes as an increase~~ in ~~accumulated~~full ~~other~~during ~~comprehensive~~the ~~loss, a component of capital~~year.

• ~~Amortization~~FDIC ofinsurance ~~intangibles~~premiums increased during 2024 asdue ~~compared~~ to ~~2023~~a ~~due~~higher toassessment ~~the~~base, ~~amortization~~partially ofreflecting ~~core~~increased ~~deposit~~assets ~~intangibles~~resulting ~~recognized~~ from the acquisitions of EFBI and CNNB, and to increases in the assessment rate charged. FDIC insurance premiums decreased in 2025 because of decreased assessment bases, reflecting decreases in total assets, and to reductions in the assessment rate charged.

• FDIC insurance premiums increased during 2024 due to a higher assessment base, partially reflecting increased assets resulting from the acquisitions of EFBI and CNNB, and to an increase in the assessment rate charged. FDIC insurance premiums increased in 2023 because of a two basis point increase in the FDIC's initial base deposit insurance assessment rate that took effect at the beginning of that year.

• Other real estate owned, net for 2022, is primarily due to a gain recognized on the sale of foreclosed property, slightly offset by other expenses recognized on such property.

•

Merger- related expenses reflect costs incurred in connection with the acquisitions of EFBI and CNNB.

• Other non-interest expense for 2025 includes $265 thousand in impairment charges related to a closed office building that is classified as held-for-sale. The remaining net increases for 2025 can be attributed to smaller increases in various other accounts. Other non-interest expense increased in 2024 partially due to increased outside accounting and auditing fees and partially due to smaller increases in various other accounts. Partially offsetting the net increase in 2024 was a $455~~,000~~ thousand gain recognized on the sale of an office building that was closed as a result of LCNB's office consolidation strategy, which was netted against other non-interest expense for accounting purposes. Other non-interest expense ~~decreased~~for ~~during~~ 2023 ~~primarily~~was ~~due~~partially tooffset by a $425~~,000~~ thousand gain recognized on the sale of an office building that was closed as a result of LCNB's office consolidation strategy, which was netted against other non-interest expense for accounting purposes. ~~Other non-interest expense for 2022 included $471,000 in losses from the sales of two closed office buildings.~~

-3234-

Table of Contents

LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Income Taxes

LCNB's effective tax rates for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 were 1517.59%, 1715.25%, and 17.92%, respectively. The difference between the statutory rate of 21% and the effective tax rate is primarily due to tax-exempt interest income from municipal securities, tax-exempt earnings from bank owned life insurance, tax-exempt earnings from LCNB Risk Management, Inc., and tax credits and losses related to investments in affordable housing tax credit limited partnerships ~~netted with the net impact of non-deductible merger costs for 2023 and 2024~~. The effective tax rate for 2024 was lower due to tax-exempt items not decreasing in proportion to the overall decrease in earnings, partially offset by the tax effect of non-deductible merger-related expenses.

Financial Condition

A comparison of balance sheet line items at December 31 is as follows (in thousands):

	2024			2023			Difference $			Difference %
	2025			2024			Difference $			Difference %
ASSETS:
Total cash and cash equivalents	$	3521,~~744~~614			3935,~~723~~744			(314,~~979~~130	)		(1039.0253	)%
Interest-bearing time deposits		~~250~~2,710			—250			~~250~~2,460			NM984.00	%
Investment securities:
Equity securities with a readily determinable fair value, at fair value		1,~~363~~433			1,~~336~~363			2770			25.0214	%
Equity securities without a readily determinable fair value, at cost		3,666			3,666			—			0.00	%
Debt securities, available-for-sale, at fair value		~~258~~232,~~327~~271			~~276~~258,~~601~~327			(1826,~~274~~056	)		(610.6109	)%
Debt securities, held-to-maturity, at cost		16,~~324~~080			16,~~858~~324			(~~534~~244	)		(31.1749	)%
Federal Reserve Bank stock, at cost		6,405			56,~~086~~405			~~1,319~~—			250.9300	%
Federal Home Loan Bank stock, at cost		20,710			1520,~~176~~710			~~5,534~~—			360.4700	%
Loans, net		1,~~709~~691,~~811~~827			1,~~712~~709,~~946~~811			(317,~~135~~984	)		(01.1805	)%
Loans held for sale		51,~~556~~718			—5,556			5(3,~~556~~838	)		NM(69.08	)%
Premises and equipment, net		4139,~~049~~196			3641,~~302~~049			4(1,~~747~~853	)		13(4.0851	)%
Operating lease right-of-use assets		56,~~785~~475			65,~~000~~785			~~(215~~690	)		(311.5893	)%
Goodwill		90,310			7990,~~509~~310			~~10,801~~—			130.5800	%
Core deposit and other intangibles, net		119,~~104~~271			911,~~494~~104			(1,~~610~~833	)		(16.9651	)%
Bank owned life insurance		5455,~~002~~424			4954,~~847~~002			41,~~155~~422			82.3463	%
Interest receivable		87,~~701~~968			8,~~405~~701			~~296~~(733	)		3(8.5242	)%
Other assets, net		3833,~~287~~691			3038,~~643~~287			7(4,~~644~~596	)		24(12.9500	)%
Total assets	$	2,~~307~~240,~~394~~769			2,~~291~~307,~~592~~394			15(66,~~802~~625	)		0(2.6989	)%
LIABILITIES:
Deposits:
Non-interest-bearing	$	~~459~~466,~~619~~094			~~462~~459,~~267~~619			(26,~~648~~475	)		(01.5741	)%
Interest-bearing		1,~~418~~374,~~673~~261			1,~~362~~418,~~122~~673			56(44,~~551~~412	)		4(3.1513	)%
Total deposits		1,~~878~~840,~~292~~355			1,~~824~~878,~~389~~292			53(37,~~903~~937	)		(2.9502	)%
Short-term borrowings		—			~~97,395~~—			~~(97,395~~—	)		~~(100.00~~NM	)%
Long-term debt		~~155~~104,~~153~~428			~~113~~155,~~123~~153			42(50,~~030~~725	)		37(32.1569	)%
Operating leases liability		6,~~115~~877			6,~~261~~115			~~(146~~762	)		(212.3346	)%
Accrued interest and other liabilities		1415,~~798~~180			1514,~~121~~798			~~(323~~382	)		(2.1458	)%
Total liabilities		21,~~054~~966,~~358~~840			2,~~056~~054,~~289~~358			(187,~~931~~518	)		(04.0926	)%
SHAREHOLDERS' EQUITY:
Common shares		~~186~~188,~~937~~212			~~173~~186,~~637~~937			131,~~300~~275			70.6668	%
Retained earnings		~~141~~151,~~290~~938			~~140~~141,~~017~~290			110,~~273~~648			07.9154	%
Treasury shares, at cost		(56,~~002~~071	)		(56,~~015~~002	)		13(69	)		(0.0212	)%
Accumulated other comprehensive loss, net of taxes		(1910,~~189~~150	)		(2219,~~336~~189	)		39,~~147~~039			(1447.0911	)%
Total shareholders' equity		~~253~~273,~~036~~929			~~235~~253,~~303~~036			1720,~~733~~893			78.5426	%
Total liabilities and shareholders' equity	$	2,~~307~~240,~~394~~769			2,~~291~~307,~~592~~394			15(66,~~802~~625	)		0(2.6989	)%

NM - Not Meaningful

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LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Reasons for changes include:

• Debt securities, available-for-sale, decreased due to maturities, ~~paydowns, sales,~~ and ~~calls~~paydowns, partially offset by ~~purchases~~a ofdecrease ~~new securities and increases~~ in ~~market~~unrealized ~~valuation~~losses. •Purchases ~~FHLB~~of ~~stock~~new ~~increased~~securities ~~due~~during to2025 ~~the~~were ~~addition~~minimal. of• ~~stock~~Loans, ~~previously~~net ~~held~~decreased bydue ~~EFBI and~~ to ~~the~~timing ~~purchase~~ of ~~additional~~borrower ~~stock~~payoffs ~~to support additional borrowings~~ and ~~loans~~efforts ~~sold~~ to ~~the~~rebalance ~~FHLB, partially offset by~~ the ~~FHLB's~~composition ~~repurchase~~ of ~~excess~~the ~~stock~~portfolio. • ~~Net~~Premises ~~loans~~and ~~decreased~~equipment, ~~primarily~~net decreased due to ~~loans~~depreciation ~~transferred to the held-for-sale category~~ and ~~later sold, partially offset by~~ the ~~addition~~transfer of ~~loans acquired through~~ the ~~merger~~Florence ~~with~~building ~~EFBI.~~to ~~Approximately~~premises ~~$233 million of single~~held-~~family~~for-sale, ~~residential~~which ~~loans~~is ~~were~~included ~~sold~~ in the ~~secondary~~other ~~market~~assets ~~during 2024~~classification. • ~~Premises~~Operating ~~and~~lease ~~equipment,~~right-of-use ~~net~~assets ~~increased primarily due to additional office buildings acquired in the merger with EFBI~~ and ~~the~~operating ~~construction~~lease ofliabilities ~~the new downtown Chillicothe Office. • Goodwill~~ increased due tothe ~~additional~~renewal ~~goodwill recorded as a result~~ of ~~the~~expiring ~~merger with EFBI~~leases. • Core deposit and other intangibles, ~~increased~~net decreased due to ~~the~~amortization ~~addition~~ of a core deposit ~~intangible~~and ~~obtained~~mortgage inservicing ~~the~~rights ~~merger with EFBI~~intangibles. • Bank owned life insurance increased ~~primarily~~ due to ~~additional policies obtained in the merger with EFBI and secondarily due to~~ increases in the cash values of the policies. No new policies were purchased during ~~2024~~2025. • Other assets, ~~increased~~net decreased primarily due to a reduction in deferred tax assets ~~recorded~~resulting asfrom utilization of prior-year loss carryforwards and a ~~result~~decline ofin ~~the~~unrealized ~~EFBI~~losses ~~merger~~on available-for-sale debt securities. • Total interest-bearing deposits ~~increased~~decreased primarily due to adecreases ~~combination~~in ofIRA and time certificate deposits ~~acquired~~and ~~through~~to ~~the~~decreases ~~merger~~in ~~with~~interest-bearing ~~EFBI~~demand and ~~through~~money ~~organic~~market deposit ~~growth~~accounts, partially offset by aan ~~decrease~~increase in ~~funds~~deposits ~~invested~~obtained inthrough the ICS ~~demand~~service. ~~reciprocal~~The ~~product.~~decline ~~Most~~in ofinterest‑bearing ~~the~~balances ~~deposit~~reflects ~~growth~~a ~~occurred~~strategic indecrease ~~the~~of ~~money~~higher‑cost ~~market~~certificates of deposit and IRA ~~and~~balances ~~time~~as ~~certificates~~part ~~products~~of LCNB’s funding optimization strategy. • Long-term debt ~~increased~~decreased due to ~~additional~~the early payoff of $50 million in advances ~~from~~bearing ~~the~~a ~~FHLB~~weighted average interest rate of ~~Cincinnati~~4.23% ~~The~~from ~~new~~the ~~debt~~FHLB ~~was~~of ~~used~~Cincinnati. toFunds ~~pay~~for ~~down~~the ~~short-term~~payoff ~~borrowings~~were ~~and~~provided toby ~~support~~the ~~growth~~increase in ~~liquidity~~ICS ~~and~~deposits ~~the~~mentioned ~~loan~~above, ~~portfolio.~~resulting •in ~~Common~~an ~~shares~~overall ~~increased~~decrease ~~primarily~~in ~~because~~the ~~868,001~~average ~~shares~~interest ofrate. ~~LCNB~~Prepayment ~~common~~penalties ~~stock~~incurred ~~valued~~were atminimal. ~~$12,187,000~~• ~~were~~Retained ~~issued~~earnings toincreased ~~EFBI~~due ~~shareholders~~ to ~~effectuate~~net ~~the~~income ~~merger~~retained during 2025. • Accumulated other comprehensive loss, net of taxes decreased because of market-driven partial recoveries in the fair value of LCNB's available-for-sale debt securities investments.

LCNB's loan portfolio represents its largest asset category and is its most significant source of interest income. Loan classifications have been identified as Commercial & Industrial, Commercial Real Estate, Residential Real Estate, Consumer, Agricultural, and Other. Commercial real estate is the largest classification in LCNB's loan portfolio, comprising about 64.64% of total loans at December 31, ~~2024~~2025.

Loans secured by commercial real estate consist of owner-occupied, non-owner-occupied, farmland, multi-family, and construction loans. A commercial real estate, owner-occupied loan finances the purchase, construction, or refinance of a building or other property for which the repayment of principal is dependent upon cash flows from ongoing operations conducted by the party, or an affiliate of the party, who owns the property. A commercial real estate, non-owner occupied loan finances the purchase, construction or refinance of a building or other property for which the repayment of principal is dependent upon rental income associated with the property or the subsequent sale of the property. The values of these loans are primarily impacted by the level of interest rates associated with the debt and to local economic conditions, which dictate occupancy rates and the amount of rent charged. The increase in debt service due to higher interest rates may not be able to be passed on to tenants. As part of the origination process, loan interest rates and occupancy rates are stressed to determine the impact on the borrower’s ability to maintain adequate debt service under different economic conditions. Further, LCNB monitors the concentration in any one industry and has established limits relative to the total of the Bank's tier 1 and tier 2 capital for each category of loan. Credit quality trends are monitored by industry to determine if a change in the risk exposure to a certain industry may warrant a change in underwriting standards.

The following table provides a breakdown of amortized cost of commercial real estate loans by property-type classification as of December 31, ~~2024~~2025 , excluding loans which are junior in lien or covered by collateral secured with varying classes of assets (dollars in thousands):

	Amount		% of Total
Multi-family	$	~~277~~274,~~910~~742		2826	%
Retail		~~161~~147,~~204~~030		1614	%
Office		~~123~~126,~~462~~175		12	%
Mixed Use		9594,~~117~~378		109	%
Hotel/Motel		8190,~~772~~887		89	%
Self storage		46,115		5	%
Other		70,187		7	%
Warehouse (one tenant)		44,835		4	%
Self storage		48,568		5	%
Light Industrial		33,151		3	%
Warehouse (one tenant)		42,113		4	%
Warehouse (more than one tenant)		21,182		2	%
Farmland		35,561		3	%
Healthcare Facilities		19,995		2	%
Light Industrial		29,385		3	%
Manufacturing		19,827		2	%
Warehouse (more than one tenant)		28,752		3	%
Dental		12,987		1	%
Manufacturing		24,414		2	%
Other		70,881		7	%
Healthcare Facilities		19,105		2	%
Total	$	1,008,438		100	%
Dental		11,334		1	%
Total	$	1,042,631		100	%

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LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Most of LCNB's commercial real estate loans are made within its general market area of Southwest and South-Central Ohio and Northern Kentucky. The following table provides a breakdown of amortized cost of commercial real estate loans by real estate collateral location as of December 31, ~~2024~~2025, excluding loans which are junior in lien or covered by collateral secured with varying classes of assets (dollars in thousands):

	Amount		% of Total
Franklin County, Ohio	$	~~305~~296,~~272~~096		3028	%
Hamilton County, Ohio		~~202~~184,~~538~~090		2017	%
Montgomery County, Ohio		9299,~~847~~729		9	%
Butler County, Ohio		8889,~~221~~310		98	%
Warren County, Ohio		8183,338		8	%
Delaware County, Ohio		3961,~~900~~686		46	%
Greene County, Ohio		31,941		3	%
Other counties, Ohio		40,631		4	%
Boone County, Kentucky		29,166		3	%
Greene County, Ohio		38,476		4	%
Kenton County, Kentucky		20,714		2	%
Boone County, Kentucky		36,751		4	%
Clermont County, Ohio		1819,~~912~~313		2	%
Licking County, Ohio		14,806		2	%
Preble County, Ohio		17,986		2	%
Fairfield County, Ohio		9,679		1	%
Licking County, Ohio		17,662		2	%
Ross County, Ohio		8,662		1	%
Kenton County, Kentucky		15,079		1	%
Other, Ohio		53,149		5	%
Fayette County, Ohio		10,942		1	%
Other, Kentucky		7,065		1	%
Ross County, Ohio		9,265		1	%
Other, Indiana		3,390		0	%
Fairfield County, Ohio		9,045		1	%
Other, West Virginia		838		0	%
Other counties, Indiana		6,585		1	%
Total	$	1,008,438		100	%
Other counties, Kentucky		6,647		1	%
Total	$	1,042,631		100	%

Liquidity

LCNB Corp. depends on dividends from the Bank for the majority of its liquid assets, including the cash needed to pay dividends to its shareholders. Federal banking law limits the amount of dividends the Bank may pay to the sum of retained net income for the current year plus retained net income for the previous two years. Prior approval from the OCC, the Bank's primary regulator, is necessary for the Bank to pay dividends in excess of this amount. If dividends exceed net profit for a year, a bank is generally not required to carry forward the negative amount resulting from such excess if the bank can attribute the excess to the preceding two years. If the excess is greater than the bank's previously undistributed net income for the preceding two years, prior OCC approval of the dividend is required and a negative amount would be carried forward in future dividend calculations. In addition, dividend payments may not reduce capital levels below minimum regulatory guidelines.

Effective liquidity management ensures that cash is available to meet the cash flow needs of borrowers and depositors, pay dividends to shareholders, and meet LCNB's operating cash needs. Primary funding sources include customer deposits with the Bank, short-term and long-term borrowings from the FHLB, line of credit arrangements totaling $115.0 million with three correspondent banks, and interest and repayments received from LCNB's loan and investment portfolios.

Total remaining borrowing capacity with the FHLB at December 31, ~~2024~~2025 was approximately $~~115~~149.41 million. Additional borrowings of approximately $115.0 million were available through the line of credit arrangements at year-end.

Management closely monitors the level of liquid assets available to meet ongoing funding needs. It is management's intent to maintain adequate liquidity so that sufficient funds are readily available at a reasonable cost. LCNB experienced no liquidity or operational problems as a result of current liquidity levels. Management believes LCNB has the ability to generate and obtain adequate amounts of liquidity to meet its requirements in the short and long-term.

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LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Commitments to extend credit at December 31, ~~2024~~2025 totaled $~~290~~262.5 2 million and are more fully described in Note 14 - Commitments and Contingent Liabilities to LCNB's consolidated financial statements. Since many commitments to extend credit may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.

The following table provides information concerning LCNB's commitments at December 31, ~~2024~~2025:

Amount of Commitment Expiration Per Period

Total

Over 1

Over 3

Amounts

1 year

through 3

through 5

More than

Committed

or less

years

5 years

(In thousands)

Commitments to extend credit

3136,~~492~~427

—

Unused lines of credit

~~259~~225,~~015~~773

7668,~~110~~573

7346,~~506~~527

1726,~~159~~158

9284,~~240~~515

Standby letters of credit

—

Total

~~290~~262,~~512~~205

~~107~~105,~~607~~005

7346,~~506~~527

1726,~~159~~158

9284,~~240~~515

Capital Resources

The Bank is required by banking regulators to meet certain minimum levels of capital adequacy. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a material effect on LCNB's and the Bank's financial statements. These minimum levels are expressed in the form of certain ratios. Capital is separated into Tier 1 capital (essentially shareholders' equity less goodwill and other intangibles) and Tier 2 capital (essentially the allowance for credit losses limited to 1.25% of risk-weighted assets). Common Equity Tier 1 Capital is the sum of common stock, related surplus, and retained earnings, net of treasury stock, accumulated other comprehensive income, and other adjustments. The first three ratios, which are based on the degree of credit risk in the Bank's assets, provide for weighting assets based on assigned risk factors and include off-balance sheet items such as loan commitments and stand-by letters of credit. Information summarizing the regulatory capital of the Bank at December 31, ~~2024~~2025 and ~~2023~~2024 and corresponding regulatory minimum requirements is included in Note 15 - Regulatory Matters and Impact on Payment of Dividends.

The FDIC, the insurer of deposits in financial institutions, has adopted a risk-based insurance premium system based in part on an institution's capital adequacy. Under this system, a depository institution is required to pay successively higher premiums depending on its capital levels and its supervisory rating by its primary regulator. It is management's intention to maintain sufficient capital to permit the Bank to maintain a "well capitalized" designation, which is the FDIC's highest rating.

On ~~May~~ February 27, ~~2022~~2023, LCNB's Board of Directors authorized athe Program, which replaced and superseded LCNB's prior share repurchase program, ~~(the~~which ~~“Program”)~~was adopted on May 27, 2022 and expired on or around December 31, 2022. Under the terms of the Program, LCNB is authorized to repurchase up to 500~~,000~~ thousand of its outstanding common shares. ~~The Program replaced and superseded LCNB’s prior share repurchase program, which was adopted on August 24, 2020.~~

Under the Program, LCNB may purchase common shares through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at LCNB's discretion. Factors include, but are not limited to, share price, trading volume, and general market conditions, along with LCNB’s general business conditions. The Program may be suspended or discontinued at any time and does not obligate LCNB to acquire any specific number of its common shares.

As part of the Program, LCNB entered into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan permits common shares to be repurchased at times that LCNB might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan is administered by an independent broker and is subject to price, market volume and timing restrictions.

The Program expired on or around December 31, 2022 and was replaced with a new share repurchase program that was authorized by the Board of Directors on February 27, 2023. The new share repurchase program authorizes the repurchase of up to 500,000 shares of common stock. -38-

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

The ~~2015~~2025 ~~Ownership Incentive~~ Plan ~~(the "2015 Plan")~~ was approved by LCNB's shareholders at the annual meeting on May 19, 2025 and superseded the 2015 Ownership Incentive Plan, which terminated on April 28, ~~2015~~2025. Both ~~and~~plans allows for stock-based awards to eligible employees, as determined by the Compensation Committee of the Board of Directors. Awards may be made in the form of stock options, appreciation rights, restricted shares, and/or restricted share units. The ~~2015~~2025 Plan provides for the issuance of up to ~~450,000~~600 thousand shares. The ~~2015~~2025 Plan will terminate on ~~April~~May 2819, ~~2025~~2035 and is subject to earlier termination by the Compensation Committee.

Critical Accounting Estimates

The accounting policies of LCNB conform to U.S. generally accepted accounting principles and require management to make estimates and develop assumptions that affect the amounts reported in the financial statements and related footnotes. These estimates and assumptions are based on information available to management as of the date of the financial statements. Actual results could differ significantly from management’s estimates. As this information changes, management’s estimates and assumptions used to prepare LCNB’s financial statements and related disclosures may also change. The most significant accounting policies followed by LCNB are presented in Note 1 of the Notes to Consolidated Financial Statements included herein. Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions, and estimates underlying those amounts, management has identified the items described below to be the accounting areas that require the most subjective or complex judgments and, as such, could be most subject to revision as new information becomes available.

Business Combinations. Assets acquired, including identified intangible assets such as core deposit intangibles, and liabilities assumed as a result of a merger or acquisition transaction are recorded at their estimated fair values. The difference between the consideration paid and the net fair value of assets acquired and liabilities assumed is recorded as goodwill. Management engages third-party specialists to assist in the development of fair value estimates. Significant estimates and assumptions used to value acquired assets and liabilities assumed include, but are not limited to, projected cash flows, future growth rates, repayment rates, default rates and losses assuming default, discount rates, and realizable collateral values. The allowance for credit losses for PCD loans is recognized within acquisition accounting. The allowance for credit losses for non-PCD assets is recognized as provision for credit losses in the same reporting period as the merger or acquisition. Fair value adjustments are amortized or accreted into the income statement over the estimated lives of the acquired assets and assumed liabilities. The purchase date valuations and any subsequent adjustments determine the amount of goodwill recognized in connection with the merger or acquisition.

Preliminary estimates of fair values may be adjusted for a period of time no greater than one year subsequent to the merger or acquisition date if new information is obtained about facts and circumstances that existed as of the merger or acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Adjustments recorded during this period are recognized in the current reporting period.

Allowance for Credit Losses. The allowance is maintained at a level LCNB management believes is adequate to absorb estimated credit losses identified and inherent in the loan portfolio. The allowance is established through a provision for credit losses charged to expense. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount that management believes will be adequate to absorb estimated losses over the contractual terms in the loan portfolio based on evaluations of the collectability of loans and prior loan loss experience. The evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current and forecasted economic conditions that may affect the borrowers' ability to pay. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

~~In June 2016, the FASB issued ASU No. 2016~~ -~~13, Measurement of Credit Losses on Financial Instruments. This ASU (as subsequently amended by ASU 2018~~39-19) significantly changed how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. This standard replaced the “incurred loss” approach with an “expected loss” model. Referred to as the CECL model, this standard applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. The standard also expanded disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance. In addition, entities need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination.

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LCNB CORP. AND SUBSIDIARIES

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

LCNB adopted CECL effective January 1, 2023 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with the incurred loss accounting standards. The transition adjustment of the CECL adoption included an increase in the allowance of $2.4 million, and a $1.9 million decrease to the retained earnings account to reflect the cumulative effect of adopting CECL on the Consolidated Balance Sheet, with the $0.5 million tax impact portion being recorded as part of the deferred tax asset in other assets in the Consolidated Balance Sheet.

See Note 1- Basis of Presentation - Adoption of New Accounting Pronouncements in this Annual Report on Form 10-K for further detailed descriptions of LCNB's estimation process and methodology related to the allowance. See also Note 4 – Loans in this Annual Report on Form 10-K for further information regarding LCNB's loan portfolio and allowance.

Accounting for Intangibles. LCNB’s intangible assets are composed primarily of goodwill and core deposit intangibles related to acquisitions of other financial institutions.

Accounting rules require LCNB to determine the fair value of all the assets and liabilities of an acquired entity, and to record their fair value on the date of acquisition. LCNB employs a variety of means in determining fair value, including the use of discounted cash flow analysis, market comparisons, and projected future revenue streams. For those items for which management concludes that LCNB has the appropriate expertise to determine fair value, management may choose to use its own calculation of fair value. In other cases, where the fair value is not readily determined, consultation with outside parties is used to determine fair value. Once valuations have been determined, the net difference between the price paid for the acquired entity and the fair value of the balance sheet is recorded as goodwill. Goodwill is assessed at least annually for impairment, with any such impairment recognized in the period identified. A more frequent assessment is performed if there are material changes in the market place or within the organizational structure.

Core deposit intangibles acquired from business combinations are initially measured at their estimated fair values and are then amortized on a straight-line basis over their estimated useful lives. Management evaluates whether triggering events or circumstances have occurred that indicate the remaining useful life or carrying value of the amortizing intangible should be revised.

Fair Value Accounting for Debt Securities. Debt securities classified as available-for-sale are recorded at fair value with unrealized gains and losses recorded in other comprehensive income (loss), net of tax. Available-for-sale debt securities in unrealized loss positions are evaluated to determine if the decline in fair value should be recorded in income or in other comprehensive income (loss). LCNB first determines if it intends to sell or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either criteria is met, the security's amortized cost basis is written down to fair value through income. If neither of these criteria is met, LCNB evaluates whether the decline in fair value resulted from credit factors. In making this determination, management considers, among other factors, the extent to which fair value is less than the amortized cost basis, any changes to the rating of the security by rating agencies, and any adverse conditions specifically related to the security or issuer. If the present value of cash flows expected to be collected is less than the amortized cost basis, a provision is recorded to the allowance for credit losses. Any decline in fair value not recorded through an allowance for credit losses is recognized in accumulated other comprehensive income (loss), net of applicable taxes.

Loans Held-For-Sale. Loans held-for-sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair value as determined on an aggregate basis by type of loan. Any writedowns to fair value upon the transfer of loans to LHFS are reflected in loan charge-offs. Any further decreases are recognized in non-interest income and increases in fair value above the loan cost basis are not recognized until the loans are sold.

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LCNB CORP. AND SUBSIDIARIES

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market risk for LCNB is primarily interest rate risk. LCNB attempts to mitigate this risk through asset/liability management strategies designed to decrease the vulnerability of its earnings to material and prolonged changes in interest rates. LCNB does not use derivatives such as interest rate swaps, caps or floors to hedge this risk. LCNB has not entered into any market risk instruments for trading purposes.

The Bank's Asset and Liability Management Committee ("ALCO") primarily uses a combination of Interest Rate Sensitivity Analysis ("IRSA") and Economic Value of Equity ("EVE") analysis for measuring and managing interest rate risk. The IRSA model is used to estimate the effect on net interest income during a one-year period of instantaneous and sustained movements in interest rates, also called interest rate shocks, of 100, 200, and 300 basis points. The base projection uses a current interest rate scenario. As shown below, the December 31, ~~2024~~2025 IRSA indicates that either an increase ~~in interest rates~~ or a decrease ~~of 100 basis points will have a negative effect on net interest income and a decrease~~ in interest rates ~~of 200 or 300 basis points~~ will have a positive effect on net interest income. The changes in net interest income for all rate assumptions are within LCNB’s acceptable ranges.

			$ Change in			% Change in
Rate Shock Scenario in	Amount		Net Interest			Net Interest
Basis Points	(In thousands)		Income			Income			Limits
Up 300	$	7781,~~139~~381		(1,~~640~~556	)		(21.0895	)%		15	%
Up 200		7781,~~617~~309		(1,~~162~~484	)		(1.4886	)%		10	%
Up 100		7781,~~984~~374		~~(795~~1,549	)		(1.0194	)%		5	%
Base		7879,~~779~~825		—			—0.00	%		—	%
Down 100		7880,~~687~~626		~~(92~~801	)		(01.1200	)%		5	%
Down 200		7980,~~046~~520		~~267~~695			0.3487	%		10	%
Down 300		7980,~~428~~936		~~649~~1,111			01.8239	%		15	%

IRSA shows the effect on net interest income during a one-year period only. A more long-range model is the EVE analysis, which shows the estimated present value of future cash inflows from interest-earning assets less the present value of future cash outflows for interest-bearing liabilities for the same rate shocks. As shown below, the December 31, ~~2024~~2025 EVE analysis indicates that an increase in interest rates will have a negative effect on the EVE and that a decrease in interest rates will have a positive effect. The changes in the EVE for all rate assumptions are within LCNB's acceptable ranges.

Rate Shock Scenario in	Amount		$ Change in			% Change in
Basis Points	(In thousands)		EVE			EVE			Limits
Up 300	$	~~192~~275,~~306~~209		(2653,~~009~~240	)		(1116.9121	)%		25	%
Up 200		~~205~~291,~~104~~755		(1336,~~211~~694	)		(611.0517	)%		20	%
Up 100		~~217~~308,~~539~~360		(~~776~~20,089	)		(06.3612	)%		15	%
Base		~~218~~328,~~315~~449		—			—0.00	%		—	%
Down 100		~~238~~340,~~327~~242		2011,~~012~~793			93.1759	%		15	%
Down 200		~~253~~367,~~234~~742		3439,~~919~~293			1511.9996	%		20	%
Down 300		~~269~~373,~~669~~438		5144,~~354~~989			2313.5270	%		25	%

The IRSA and EVE simulations discussed above are not projections of future income or equity and should not be relied on as being indicative of future operating results. Assumptions used, including the nature and timing of interest rate levels, yield curve shape, prepayments on loans and securities, deposit decay rates, pricing decisions on loans and deposits, and reinvestment or replacement of asset and liability cash flows, are inherently uncertain and, as a result, the models cannot precisely measure future net interest income or equity. Furthermore, the models do not reflect actions that borrowers, depositors, and management may take in response to changing economic conditions and interest rate levels.

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LCNB CORP. AND SUBSIDIARIES

Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of LCNB Corp.

~~Opinion~~Opinions on the ~~Consolidated~~ Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of LCNB Corp. ~~and its subsidiaries~~ (the “Company”) as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of ~~income~~operations, comprehensive income (loss), shareholders' equity, and cash flows for each of the years in the three-year period ended December 31, ~~2024~~2025, and the related notes (collectively referred to as the “financial statements”). InWe ~~our~~also ~~opinion,~~have audited the ~~financial~~Company's ~~statements~~internal ~~referred~~control toover ~~above present fairly, in all material respects, the~~ financial ~~position~~reporting ~~of the Company~~ as of December 31, ~~2024 and 2023~~2025, ~~and~~based ~~the~~on ~~results~~criteria ofestablished ~~its operations and its cash flows for each of the years~~ in ~~the~~Internal ~~three~~Control-~~year~~Integrated ~~period~~Framework ~~ended~~(2013) ~~December~~issued ~~31,~~by ~~2024,~~the inCommittee ~~conformity~~of ~~with~~Sponsoring ~~accounting~~Organizations ~~principles~~of ~~generally~~the ~~accepted~~Treadway inCommission (the ~~United~~“COSO ~~States of America~~framework”).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the COSO framework.

Basis for Opinion

The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on the Company’s financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the ~~audit~~audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud~~. The Company is not required to have~~, ~~nor~~and ~~were~~whether weeffective ~~engaged to perform, an audit of its~~ internal control over financial reporting. Aswas ~~part~~maintained ofin ~~our~~all ~~audits,~~material we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reportingrespects. ~~Accordingly, we express no such opinion.~~

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our ~~opinion~~opinions.

~~-40-~~ Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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LCNB CORP. AND SUBSIDIARIES

To the Shareholders and Board of Directors of LCNB Corp.

Critical Audit ~~Matters~~Matter

The critical audit ~~matters~~matter communicated below ~~are~~is ~~matters~~a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit ~~matters~~matter below, providing a separate opinion on the critical audit ~~matters~~matter or on the accounts or disclosures to which ~~they~~it ~~relate~~relates.

Allowance for Credit Losses on Collectively Evaluated Loans – Refer to Notes 1 and 4 to the financial statements

Critical Audit Matter Description

Management’s estimate of the allowance for credit losses (ACL) includes a reserve on collectively evaluated loans. The reserve on collectively evaluated loans is based on historical loss rates adjusted for qualitative factors. ~~Management~~Significant assumptions in management’s ~~adjustment~~estimate ~~for~~of ~~qualitative~~the ~~factors~~reserve ~~include~~on ~~actual~~collectively ~~and~~evaluated ~~expected~~loans ~~changes~~include in(i) ~~international,~~the ~~national,~~criteria ~~regional~~used, and ~~local~~selection ~~economic~~of, ~~and~~its ~~business~~peer ~~conditions~~group, ~~and~~(ii) ~~developments in which~~ the ~~Company~~historical ~~operates~~loss ~~that~~period, ~~affect~~(iii) the ~~collectability~~selection of ~~financial~~the ~~assets;~~loss ~~the~~driver ~~effect~~models, ofand ~~other~~(iv) ~~external~~qualitative ~~factors~~factor ~~such~~adjustments. asIn ~~the~~evaluating ~~regulatory,~~whether ~~legal~~qualitative ~~and~~factor ~~technological~~adjustments ~~environments,~~are ~~competition~~necessary, ~~and~~management ~~events~~considers ~~such~~internal asand ~~natural~~external ~~disasters~~qualitative ~~or pandemics;~~ and ~~model~~credit market risk ~~including~~factors ~~statistical~~as ~~risk,~~described ~~reversion~~in ~~risk,~~Note ~~timing~~1 ~~risk,~~to ~~and~~the ~~model~~consolidated ~~limitation~~financial ~~risk~~statements.

Significant judgment was required by management in the selection and application of key ~~metrics~~assumptions ~~used~~in todetermining ~~derive~~ the ~~quantitative~~ACL ~~portion~~on ofcollectively ~~the~~evaluated ~~ACL~~loans. Accordingly, performing audit procedures to evaluate the Company’s ~~estimated~~estimate ~~ACL~~ involved a high degree of auditor judgment and required significant effort, including the involvement of professionals with specialized skill and knowledge.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the Company’s estimate of the ACL on collectively evaluated loans included, but were not limited to, the following:

●

Evaluation of the appropriateness of management’s methodology.

● Testing of the ~~completeness~~design and ~~accuracy~~operating effectiveness of ~~data~~management’s ~~utilized~~controls byover ~~management~~the determination of the inputs and assumptions used in determining the reserve on collectively evaluated loans.

●

Evaluation of the relevance and reliability of information used by management in the development of the estimate.

●

Testing the completeness and accuracy of data utilized by management.

●

Evaluation of reasonableness of significant assumptions used in the quantitative analysis.

● Evaluation of the reasonableness of ~~qualitative~~significant ~~adjustment~~assumptions ~~factors~~used in the estimate, including consideration of whether the adjustments applied were reasonable given portfolio composition; relevant external factors, including economic conditions; and consideration of historical or recent experience and conditions and events affecting the Company.

Valuation of the Acquired Loan Portfolio – Refer to Note 2 to the financial statements

Critical Audit Matter Description

As described in Note 2 to the financial statements, during 2024 the Company acquired Eagle Financial Bancorp, Inc. In connection with the acquisition, management estimated the fair value of acquired loans based on a discounted cash flow methodology that involves assumptions about credit risk, repayments, discount rates, and net losses upon default.

Significant judgment was required by management in the selection and application of certain subjective assumptions. Accordingly, performing audit procedures to evaluate the Company’s estimate of the fair value of acquired loans involved a high degree of auditor judgment and required significant effort, including the involvement of professionals with specialized skill and knowledge.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the Company’s accounting for the acquired loan portfolio included, but was not limited to, the following:

● Involvement of valuation specialists to assist us in testing management’s methodology and significant assumptions used in the estimate.

● Assessment of management’s selection of valuation methodology and application of significant assumptions.

● Evaluation of the completeness and accuracy of data used in the estimate.

● Evaluation of the relevance and reliability of information used in the development of the estimate.

● Evaluation of the reasonableness of significant assumptions used in the estimate, including comparison to third party market sources, where available, and comparison to independently developed assumptions.

/s/ Plante & Moran PLLC

Columbus, Ohio

March 11, 2026

We have served as the Company’s auditor since 2022.

~~Auburn Hills, Michigan~~ -43-

March 12, 2025

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LCNB CORP. AND SUBSIDIARIES

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

At December 31,

(Dollars in thousands)

	2024			2023
	2025			2024
ASSETS:
Cash and due from banks	$	2018,~~393~~353			2720,~~277~~393
Interest-bearing demand deposits		153,~~351~~261			1215,~~446~~351
Total cash and cash equivalents		3521,~~744~~614			3935,~~723~~744
Interest-bearing time deposits		~~250~~2,710			—250
Investment securities:
Equity securities with a readily determinable fair value, at fair value		1,~~363~~433			1,~~336~~363
Equity securities without a readily determinable fair value, at cost		3,666			3,666
Debt securities, available-for-sale, at fair value		~~258~~232,~~327~~271			~~276~~258,~~601~~327
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $5 at December 31, 2024 and 2023		16,324			16,858
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $11 and $5 at December 31, 2025 and December 31, 2024, respectively		16,080			16,324
Federal Reserve Bank stock, at cost		6,405			56,~~086~~405
Federal Home Loan Bank stock, at cost		20,710			1520,~~176~~710
Loans, net of allowance for credit losses of $12,001 and $10,525 at December 31, 2024 and 2023, respectively		1,709,811			1,712,946
Loans held-for-sale		1,718			5,556
Loans held-for-sale		5,556			—
Loans, net of allowance for credit losses of $13,704 and $12,001 at December 31, 2025 and December 31, 2024, respectively		1,691,827			1,709,811
Premises and equipment, net		4139,~~049~~196			3641,~~302~~049
Operating lease right-of-use assets		56,~~785~~475			65,~~000~~785
Goodwill		90,310			7990,~~509~~310
Core deposit and other intangibles, net		119,~~104~~271			911,~~494~~104
Bank-owned life insurance		5455,~~002~~424			4954,~~847~~002
Interest receivable		87,~~701~~968			8,~~405~~701
Other assets, net		3833,~~287~~691			3038,~~643~~287
TOTAL ASSETS	$	2,~~307~~240,~~394~~769			2,~~291~~307,~~592~~394
LIABILITIES:
Deposits:
Noninterest-bearing	$	~~459~~466,~~619~~094			~~462~~459,~~267~~619
Interest-bearing		1,~~418~~374,~~673~~261			1,~~362~~418,~~122~~673
Total deposits		1,~~878~~840,~~292~~355			1,~~824~~878,~~389~~292
Short-term borrowings		—			~~97,395~~—
Long-term debt		~~155~~104,~~153~~428			~~113~~155,~~123~~153
Operating lease liabilities		6,~~115~~877			6,~~261~~115
Accrued interest and other liabilities		1415,~~798~~180			1514,~~121~~798
TOTAL LIABILITIES		21,~~054~~966,~~358~~840			2,~~056~~054,~~289~~358
COMMITMENTS AND CONTINGENT LIABILITIES		—			—
SHAREHOLDERS' EQUITY:
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding		—			—
Common shares - no par value; authorized 19,000,000 shares at December 31, 2024 and 2023; issued 17,329,423 and 16,384,952 shares at December 31, 2024 and 2023, respectively; outstanding 14,118,040 and 13,173,569 at December 31, 2024 and 2023, respectively		186,937			173,637
Common shares – no par value; authorized 19,000,000 shares; issued 17,409,085 and 17,329,423 shares at December 31, 2025 and December 31, 2024, respectively; outstanding 14,193,577 and 14,118,040 shares at December 31, 2025 and December 31, 2024, respectively	$	188,212			186,937
Retained earnings		~~141~~151,~~290~~938			~~140~~141,~~017~~290
Treasury shares at cost, 3,211,383 and 3,211,383 shares at December 31, 2024 and 2023, respectively		(56,002	)		(56,015	)
Treasury shares at cost, 3,215,508 and 3,211,383 shares at December 31, 2025 and December 31, 2024, respectively		(56,071	)		(56,002	)
Accumulated other comprehensive loss, net of taxes		(1910,~~189~~150	)		(2219,~~336~~189	)
TOTAL SHAREHOLDERS' EQUITY		~~253~~273,~~036~~929			~~235~~253,~~303~~036
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,~~307~~240,~~394~~769			2,~~291~~307,~~592~~394

The accompanying notes to consolidated financial statements are an integral part of these statements.

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LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

For the years ended December 31,

(Dollars in thousands, except per share data)

2024

2023

2022

2025

2024

2023

INTEREST INCOME:

Interest and fees on loans

9694,~~477~~313

7196,~~894~~477

5971,~~247~~894

Dividends on equity securities:

With a readily determinable fair value

3843

4338

5643

Without a readily determinable fair value

~~146~~130

~~132~~146

29132

Interest on debt securities:

Taxable

4,~~847~~876

54,~~235~~847

5,~~027~~235

Non-taxable

~~607~~625

~~688~~607

~~753~~688

Other investments

2,~~900~~760

12,~~607~~900

~~641~~1,607

TOTAL INTEREST INCOME

~~105~~102,~~015~~747

79105,~~599~~015

6579,~~753~~599

INTEREST EXPENSE:

Interest on deposits

3527,~~838~~148

1635,~~571~~838

316,~~682~~571

Interest on short-term borrowings

~~1,117~~3

41,~~060~~117

~~416~~4,060

Interest on long-term debt

75,~~265~~374

27,~~619~~265

~~613~~2,619

TOTAL INTEREST EXPENSE

4432,~~220~~525

2344,~~250~~220

423,~~711~~250

NET INTEREST INCOME

6070,~~795~~222

5660,~~349~~795

6156,~~042~~349

PROVISION FOR CREDIT LOSSES

1,~~962~~936

21,~~077~~962

~~250~~2,077

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

5868,~~833~~286

5458,~~272~~833

6054,~~792~~272

NON-INTEREST INCOME:

Fiduciary income

89,~~445~~531

78,~~091~~445

67,~~468~~091

Service charges and fees on deposit accounts

67,~~759~~384

56,~~856~~759

65,~~190~~856

Net losses on sales of debt securities, available-for-sale

~~(214~~—

)

—(214

)

—

Bank owned life insurance income

1,~~665~~422

1,~~136~~665

1,~~074~~136

Net gains from sales of loans

32,~~433~~937

~~697~~3,433

~~196~~697

Other operating income

~~316~~501

~~631~~316

~~360~~631

TOTAL NON-INTEREST INCOME

2021,~~404~~775

1520,~~411~~404

1415,~~288~~411

NON-INTEREST EXPENSE:

Salaries and employee benefits

35,~~170~~496

2935,~~108~~170

2829,~~483~~108

Equipment expenses

1,~~584~~517

1,~~616~~584

1,~~629~~616

Occupancy expense, net

3,~~725~~983

3,~~301~~725

3,~~067~~301

State financial institutions tax

1,~~881~~716

1,~~628~~881

1,~~740~~628

Marketing

1,~~047~~223

1,~~101~~047

1,~~184~~101

Amortization of intangibles

1,142

532

478

Amortization of core deposit intangibles

1,075

1,142

532

FDIC insurance premiums, net

1,~~895~~487

~~932~~1,895

~~530~~932

Computer maintenance and supplies

1,~~425~~506

1,~~358~~425

1,~~114~~358

Contracted services

3,~~212~~520

23,~~776~~212

2,~~503~~776

Other real estate owned

(866

)

Merger-related expenses

140

3,442

4,656

Merger-related expenses

3,442

4,656

—

Other non-interest expense

10,246

8,753

7,415

Other non-interest expense

8,748

7,411

8,272

TOTAL NON-INTEREST EXPENSE

61,909

63,276

54,423

TOTAL NON-INTEREST EXPENSE

63,276

54,423

48,134

INCOME BEFORE INCOME TAXES

28,152

15,961

15,260

INCOME BEFORE INCOME TAXES

15,961

15,260

26,946

PROVISION FOR INCOME TAXES

5,032

2,469

2,632

PROVISION FOR INCOME TAXES

2,469

2,632

4,818

NET INCOME

23,120

13,492

12,628

NET INCOME

13,492

12,628

22,128

Earnings per common share:

Basic

01.9763

10.1097

1.9310

Diluted

01.9763

10.1097

1.9310

Weighted average common shares outstanding:

Basic

1314,~~764~~086,~~985~~379

1113,~~417~~764,~~857~~985

11,~~410~~417,~~981~~857

Diluted

1314,~~764~~086,~~985~~379

1113,~~417~~764,~~857~~985

11,~~410~~417,~~981~~857

The accompanying notes to consolidated financial statements are an integral part of these statements.

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LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

For the years ended December 31,

(Dollars in thousands)

	2024			2023			2022
	2025			2024			2023
Net income	$	1323,~~492~~120			1213,~~628~~492			2212,~~128~~628
Other comprehensive income (loss):
Other comprehensive income:
Net unrealized gain (loss) on available-for-sale securities (net of tax expense (benefit) of $777, $2,032, and $(7,546) for 2024, 2023, and 2022, respectively)		2,922			7,646			(28,391	)
Net unrealized gain on available-for-sale securities (net of tax expense of $2,045, $777, and $2,032 for 2025, 2024, and 2023, respectively)		9,047			2,922			7,646
Reclassification adjustment for net realized loss on sale of available- for-sale securities included in net income (net of tax expense (benefit) of $(45), $0, and $0 for 2024, 2023, and 2022, respectively)		169			—			—
Reclassification adjustment for net realized loss on sale of available- for-sale securities included in net income (net of tax expense (benefit) of $0, $(45), and $0 for 2025, 2024, and 2023, respectively)		—			169			—
Change in nonqualified pension plan unrecognized net gain (loss) and unrecognized prior service cost (net of tax expense (benefit) of $15, $(7), and $65 for 2024, 2023, and 2022, respectively)		56			(28	)		246
Change in nonqualified pension plan unrecognized net gain (loss) and unrecognized prior service cost (net of tax expense (benefit) of $(2), $15, and $(7) for 2025, 2024, and 2023, respectively)		(8	)		56			(28	)
Other comprehensive income (loss)		3,147			7,618			(28,145	)
Other comprehensive income		9,039			3,147			7,618
TOTAL COMPREHENSIVE INCOME (LOSS)	$	16,639			20,246			(6,017	)
TOTAL COMPREHENSIVE INCOME	$	32,159			16,639			20,246
SUPPLEMENTAL INFORMATION:
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAXES, AS OF YEAR-END:
Net unrealized loss on securities available-for-sale	$	(1910,~~190~~143	)		(2219,~~281~~190	)		(2922,~~927~~281	)
Net prepaid (unfunded) asset (liability) for nonqualified pension plan		1(7	)		~~(55~~1	)		(2755	)
Balance at year-end	$	(1910,~~189~~150	)		(2219,~~336~~189	)		(2922,~~954~~336	)

The accompanying notes to consolidated financial statements are an integral part of these statements.

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LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the years ended December 31,

(Dollars in thousands, except share data)

												Accumulated
	Common											Other			Total
	Shares			Common		Retained			Treasury			Comprehensive			Shareholders'
	Outstanding			Shares		Earnings			Shares			Income (Loss)			Equity
Balance, January 1, 2022		12,414,956		$	143,130		126,312			(29,029	)		(1,809	)		238,604
Balance, January 1, 2023		11,259,080		$	144,069		139,249			(52,689	)		(29,954	)		200,675
Net income		—			—		22,128			—			—			22,128
Other comprehensive loss, net of taxes		—			—		—			—			(28,145	)		(28,145	)
Dividend Reinvestment and Stock Purchase Plan		24,204			408		—			—			—			408
Repurchase of common stock		(1,212,634	)		—		—			(23,660	)		—			(23,660	)
Compensation expense relating to restricted stock		32,554			531		—			—			—			531
Common stock dividends, $0.81 per share		—			—		(9,191	)		—			—			(9,191	)
Balance, December 31, 2022		11,259,080			144,069		139,249			(52,689	)		(29,954	)		200,675
Cumulative change in accounting principle - ASC 326		—			—		(1,922	)		—			—			(1,922	)
Balance at January 1, 2023, adjusted		11,259,080			144,069		137,327			(52,689	)		(29,954	)		198,753
Net income		—			—		12,628			—			—			12,628
Other comprehensive income, net of taxes		—			—		—			—			7,618			7,618
Other comprehensive loss, net of taxes		—			—		—			—			7,618			7,618
Dividend Reinvestment and Stock Purchase Plan		27,654			428		—			—			—			428
Stock issued for acquisition of Cincinnati Bancorp, Inc.		2,042,598			28,577		—			—			—			28,577
Repurchase of common stock		(199,913	)		—		—			(3,326	)		—			(3,326	)
Compensation expense relating to restricted stock		44,150			563		—			—			—			563
Common stock dividends, $0.85 per share		—			—		(9,938	)		—			—			(9,938	)
Balance, December 31, 2023		13,173,569			173,637		140,017			(56,015	)		(22,336	)		235,303
Net income		—			—		13,492			—			—			13,492
Other comprehensive income, net of taxes		—			—		—			—			3,147			3,147
Dividend Reinvestment and Stock Purchase Plan		34,767			525		—			—			—			525
Stock issued for acquisition of Eagle Financial Bancorp, Inc.		868,001			12,187		—			—			—			12,187
Repurchase of common stock		—			—		—			13			—			13
Compensation expense relating to restricted stock		41,703			588		—			—			—			588
Common stock dividends, $0.88 per share		—			—		(12,219	)		—			—			(12,219	)
Balance, December 31, 2024		14,118,040		$	186,937		141,290			(56,002	)		(19,189	)		253,036
Net income		—			—		23,120			—			—			23,120
Other comprehensive income, net of taxes		—			—		—			—			9,039			9,039
Dividend Reinvestment and Stock Purchase Plan		40,712			625		—			—			—			625
Repurchase of common stock		(4,125	)		—		—			(69	)		—			(69	)
Compensation expense relating to restricted stock		38,950			650		—			—			—			650
Common stock dividends, $0.88 per share		—			—		(12,472	)		—			—			(12,472	)
Balance, December 31, 2025		14,193,577		$	188,212		151,938			(56,071	)		(10,150	)		273,929

The accompanying notes to consolidated financial statements are an integral part of these statements.

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LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31,

(Dollars in thousands)

	2024			2023			2022
	2025			2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1323,~~492~~120			1213,~~628~~492			2212,~~128~~628
Adjustments to reconcile net income to net cash flows from operating activities-
Depreciation, amortization and accretion		~~604~~668			~~2,989~~604			2,~~744~~989
Provision for credit losses		1,~~962~~936			21,~~077~~962			~~250~~2,077
Deferred income tax provision (benefit)		12,~~951~~782			~~(323~~1,951	)		(~~345~~323	)
Increase in cash surrender value of bank owned life insurance		(1,~~359~~422	)		(1,~~136~~359	)		(1,~~074~~136	)
Bank-owned life insurance benefits in excess of cash surrender value		~~(306~~—	)		—(306	)		—
Realized and unrealized losses from equity securities, net		9			5			292
Realized and unrealized (gains) losses from equity securities, net		(30	)		9			5
Realized losses from sales of debt securities available-for-sale, net		~~214~~—			—214			—
Realized (gains) losses from sales of premises and equipment, net		(455	)		(422	)		455
Realized gains from sales of premises and equipment, net		—			(455	)		(422	)
Realized gains from sales of other real estate owned		—			—			(889	)
Origination of mortgage loans for sale		(98,637	)		(143,963	)		(4,306	)
Origination of mortgage loans for sale		(143,963	)		(4,306	)		(8,855	)
Realized gains from sales of loans		(2,937	)		(3,917	)		(697	)
Realized gains from sales of loans		(3,917	)		(697	)		(196	)
Proceeds from sales of originated loans		105,413			146,508			4,346
Proceeds from sales of originated loans		146,508			4,346			8,953
Realized losses from sales of acquired loans		—			484			—
Realized losses from sales of acquired loans		484			—			—
Proceeds from sales of acquired loans		—			78,698			—
Proceeds from sales of acquired loans		78,698			—			—
Compensation expense related to restricted stock		650			588			563
Compensation expense related to restricted stock		588			563			531
Changes in:
Accrued income receivable		(5733	)		~~245~~(5	)		~~517~~245
Other assets		~~(2,467~~7	)		8(2,~~694~~467	)		28,~~453~~694
Accrued interest and other liabilities		12,~~198~~113			(1,~~303~~198	)		(1,~~748~~303	)
TOTAL ADJUSTMENTS		7911,~~744~~276			1079,~~732~~744			610,~~584~~732
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES		9334,~~236~~396			2393,~~360~~236			2823,~~712~~360
CASH FLOWS FROM INVESTING ACTIVITIES:
Equity securities:
Proceeds from sales		—			~~963~~—			—963
Purchases of securities		(3640	)		(~~1,598~~36	)		(191,598	)
Available for-sale debt securities:
Proceeds from sales		~~9,615~~—			59,~~210~~615			—5,210
Proceeds from maturities, prepayments and calls		3242,~~149~~324			2232,~~609~~149			2022,~~680~~609
Purchases of securities		(205,~~294~~006	)		(~~497~~20,294	)		(~~39,331~~497	)
Held-to-maturity debt securities:
Proceeds from maturities, prepayments and calls		31,~~091~~616			3,~~295~~091			43,~~317~~295
Purchases of securities		(21,~~558~~378	)		(~~280~~2,558	)		(~~1,223~~280	)
Purchase of interest-bearing time deposits		(~~250~~2,460	)		—(250	)		—
Proceeds from redemption of Federal Reserve Bank stock		24—			—24			—
Purchase of Federal Reserve Bank stock		~~(1,343~~—	)		(~~434~~1,343	)		—(434	)
Proceeds from redemption of Federal Home Loan Bank stock		93—			~~1,369~~93			1,~~162~~369
Purchase of Federal Home Loan Bank stock		~~(1,293~~—	)		(41,~~622~~293	)		(~~374~~4,622	)
Net decrease (increase) in loans		4819,~~877~~565			~~(83~~48,~~709~~877	)		(3183,~~720~~709	)
Proceeds from sales of other real estate owned		—			—			1,605
Proceeds from bank owned life insurance death benefits		—			514			—
Proceeds from bank owned life insurance death benefits		514			—			—
Purchases of premises and equipment		(959	)		(3,798	)		(2,606	)
Purchases of premises and equipment		(3,798	)		(2,606	)		(884	)
Proceeds from sales of premises and equipment		13			848			654
Proceeds from sales of premises and equipment		848			654			875
Cash and cash equivalents acquired, net of cash paid for acquisition		—			(2,144	)		1,893
Cash and cash equivalents acquired, net of cash paid for acquisition		(2,144	)		1,893			—
Funding of tax credit investments		(1,623	)		(2,101	)		(2,658	)
Funding of tax credit investments		(2,101	)		(2,658	)		(3,470	)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES		52,052			61,394			(60,411	)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES		61,394			(60,411	)		(48,382	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits		(7837,~~532~~937	)		8(78,~~887~~532	)		~~(23~~8,~~849~~887	)
Net increase (decrease) in short-term borrowings		(110,395	)		(30,059	)		71,455
Net decrease in short-term borrowings		—			(110,395	)		(30,059	)
Proceeds from issuance of long-term debt		~~50,000~~363			9550,000			1595,000
Principal payments on long-term debt		(851,~~001~~088	)		(68,~~919~~001	)		(56,~~928~~919	)
Proceeds from issuance of common stock		~~525~~625			~~428~~525			~~408~~428
Repurchase of common stock		13(69	)		~~(3,326~~13	)		(233,~~660~~326	)
Cash dividends paid on common stock		(12,~~219~~472	)		(912,~~938~~219	)		(9,~~191~~938	)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES		(~~158~~100,~~609~~578	)		54(158,~~073~~609	)		2454,~~235~~073
NET CHANGE IN CASH AND CASH EQUIVALENTS		(314,~~979~~130	)		17(3,~~022~~979	)		417,~~565~~022
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		3935,~~723~~744			2239,~~701~~723			1822,~~136~~701
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	3521,~~744~~614			3935,~~723~~744			2239,~~701~~723

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LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

For the years ended December 31,

(Dollars in thousands)

	2024			2023		2022
	2025			2024		2023
SUPPLEMENTAL CASH FLOW INFORMATION:
CASH PAID DURING THE YEAR FOR:
Interest	$	4233,~~532~~474			2142,~~740~~532		421,~~677~~740
Income taxes		—(83	)		~~2,735~~—		42,~~130~~735
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING ACTIVITY:
Transfer from loans to other real estate owned and repossessed assets		—			—		717
Transfer from loans held-for-investment to held-for sale		—			64,809		—
Transfer from loans held-for-investment to held-for sale		64,809			—		—
Transfer from loans held-for-sale to held-for-investment		—			4,817		—
Transfer from loans held-for-sale to held-for-investment		4,817			—		—
Transfer from premises and equipment to premises held-for-sale		525			—		—
Right-of-use assets obtained in exchange for lease obligations	$	~~167~~1,292		$	—167		~~370~~—

See Note 2 - Business Combinations regarding non-cash transactions included in the acquisition.

The accompanying notes to consolidated financial statements are an integral part of these statements.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

LCNB Corp. (the "Company" or “LCNB”), an Ohio corporation formed in December 1998, is a financial holding company whose principal activity is the ownership of LCNB National Bank (the "Bank"). The Bank was founded in 1877 and provides full banking services, including Wealth Management and Investment services, to customers primarily in Southwestern Ohio, Franklin County, Ohio, and contiguous areas.

BASIS OF PRESENTATION

The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions are eliminated in consolidation. The accounting and reporting policies of the Company conform with U.S. generally accepted accounting principles and with general practices in the banking industry.

Certain prior period data presented in the Consolidated Balance Sheets for cash and due from banks and interest-bearing demand deposits have been reclassified to conform with the current year presentation. Certain prior period data presented in the Consolidated Statements of Cash Flows for other liabilities cash flows from operating activities and tax credit investments cash flows from investing activities have been reclassified to conform with the current year presentation.

USE OF ESTIMATES

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that management has determined to be critical accounting estimates are more fully described in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K.

CASH AND CASH EQUIVALENTS

For purposes of reporting cash flows, cash and cash equivalents include cash, balances due from banks, federal funds sold, and interest-bearing demand deposits with original maturities of twelve months or less. Deposits with other banks routinely have balances greater than FDIC insured limits.

INVESTMENT SECURITIES

The Company adopted ASC 326 on January 1, 2023. It significantly changed guidance for recognizing impairment of financial instruments, including debt securities classified as held-to-maturity ("HTM") or available-for-sale ("AFS").

Certain municipal debt securities that management has the positive intent and ability to hold to maturity are classified as HTM and recorded at amortized cost. Debt securities not classified as HTM are classified as AFS and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income, a separate component of shareholders’ equity. Amortization of premiums and accretion of discounts are recognized as adjustments to interest income using the level-yield method. Realized gains or losses from the sale of securities are recorded on the trade date and are computed using the specific identification method.

Expected credit losses on HTM municipal debt securities are measured on a collective basis by major security types. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Substantially all of LCNB's portfolio of held-to-maturity municipal debt securities were issued by local municipalities and governmental authorities.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

For AFS debt securities in an unrealized loss position, LCNB first assesses whether it intends to sell or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, LCNB evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of expected cash flows is less that the amortized cost basis, a provision for credit losses is recorded for the amount of the difference. Any impairment that is not recorded through an allowance for credit losses is recognized in other comprehensive income.

Changes in the allowance for credit losses are recorded as credit loss expense or recovery. Losses are charged against the allowance when management believes the uncollectibility of an available-for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

~~Prior~~Accrued tointerest ~~the~~receivable ~~adoption~~on ofHTM ~~ASC 326, declines in the fair value of debt~~ securities ~~below~~totaled ~~their~~$54 ~~cost~~thousand and ~~that~~$53 ~~were~~thousand at December ~~deemed~~31, to2025 beand ~~other-than-temporarily~~2024, ~~impaired~~respectively, and ~~for~~accrued ~~which~~interest ~~the~~receivable ~~Company~~on ~~did~~AFS ~~not~~debt ~~intend~~securities tototaled ~~sell~~$841 ~~the securities~~ thousand and it$940 ~~was~~thousand ~~not~~at December ~~more~~31, ~~likely~~2025 ~~than~~and ~~not~~2024, ~~that the securities would be sold before the anticipated recovery of the impairment~~respectively, ~~were separated into losses related to credit factors~~ and ~~losses~~are ~~related~~reported ~~to other factors. The losses related to credit factors were recognized~~ in ~~earnings~~interest ~~and~~receivable ~~losses related to other factors were recognized~~ in ~~other~~the ~~comprehensive~~Consolidated ~~income~~Balance Sheets. InManagement ~~estimating~~has ~~other~~made ~~than temporary impairment losses, management considered~~ the ~~length~~accounting ofpolicy ~~time~~election ~~and the extent~~ to ~~which~~exclude ~~the~~accrued ~~fair~~interest ~~value~~receivable ~~had~~on ~~been~~HTM ~~less than cost, the financial condition~~ and ~~near-term~~AFS ~~prospects~~securities offrom the ~~issuer,~~estimate ~~and~~of ~~the~~credit ~~intent~~losses ~~and~~as ~~ability~~accrued ofinterest ~~the~~is ~~Company~~written tooff ~~retain its investment~~ in ~~the issuer for~~ a ~~period~~timely ofmanner ~~time~~when ~~sufficient~~deemed ~~to allow for any anticipated recovery in fair value~~uncollectible. ~~Management determined that no such impairment adjustment was required to be made in the Company's Consolidated Statements of Income as of December 31, 2022.~~

Accrued interest receivable on HTM securities totaled $53,000 and $58,000 at December 31, 2024 and 2023, respectively, and accrued interest receivable on AFS debt securities totaled $0.9 million and $1.0 million at December 31, 2024 and 2023, respectively, and are reported in interest receivable in the Consolidated Balance Sheets. Management has made the accounting policy election to exclude accrued interest receivable on HTM and AFS securities from the estimate of credit losses as accrued interest is written off in a timely manner when deemed uncollectible.

Equity securities with a readily determinable fair value are measured at fair value with changes in fair value recognized in net income.

FHLB stock is an equity interest in the FHLB of Cincinnati. It can be sold only at its par value of $100 per share and only to the FHLB or to another member institution. In addition, the equity ownership rights are more limited than would be the case for a public company because of the oversight role exercised by the Federal Housing Finance Agency in the process of budgeting and approving dividends. Federal Reserve Bank stock is similarly restricted in marketability and value. Both investments are carried at cost, which is their par value.

FHLB and Federal Reserve Bank stock are both subject to minimum ownership requirements by member banks. The required investments in common stock are based on predetermined formulas.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

LOANS

The Company’s loan portfolio includes most types of commercial and industrial loans, commercial loans secured by real estate, residential real estate loans, consumer loans, agricultural loans and other types of loans. Most of the properties collateralizing the loan portfolio are located within the Company’s market area.

~~Loans~~Originated loans are stated at the principal amount outstanding, net of unearned income, deferred origination fees and costs, and the allowance for credit losses. Interest income is accrued on the unpaid principal balance. The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Generally, a loan is placed on non-accrual status when there is an indication that the borrower’s cash flow may not be sufficient to make payments as they come due, unless the loan is well secured and in the process of collection. Subsequent cash receipts on non-accrual loans are recorded as a reduction of principal and interest income is recorded once principal recovery is reasonably assured. The current year's accrued interest on loans placed on non-accrual status is charged against earnings. Previous years' accrued interest is charged against the allowance for credit losses. Non-accrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer a reasonable doubt as to the timely collection of interest or principal.

Loan origination fees and certain direct loan origination costs are deferred and the net amount amortized as an adjustment of loan yields. These amounts are being amortized over the lives of the related loans.

In the ordinary course of business, the Company enters into off-balance sheet financial instruments consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the consolidated financial statements when they are funded. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for credit losses on loans.

Loans acquired from mergers are initially recorded at fair value with no carryover of the acquired entity's previously established allowance for credit losses. The excess of expected cash flows over the estimated fair value of acquired loans is recognized as interest income over the remaining contractual lives of the loans using the level yield method. Subsequent decreases in expected cash flows will require additions to the allowance for credit losses. Subsequent improvements in expected cash flows result in the recognition of additional interest income over the then-remaining contractual lives of the loans. Management estimates the cash flows expected to be collected at acquisition using a third-party risk model, which incorporates the estimate of key assumptions, such as default rates, severity, and prepayment speeds.

Loans acquired from mergers that have experienced more than insignificant credit deterioration since origination are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through a provision for credit losses.

ALLOWANCE FOR CREDIT LOSSES ON LOANS

The allowance for credit losses ("ACL") is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes that the uncollectability of a loan balance is confirmed. Consumer loans are charged off when they reach 120 days past due. Subsequent recoveries, if any, are credited to the allowance. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

Under ASC 326, management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as changes in external conditions, such as changes in unemployment rates, property values, or other relevant factors. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

The allowance for credit losses is measured on a pool basis when similar risk characteristics exist. LCNB has identified the following portfolio segments and measures the allowance for credit losses using the following methods:

Portfolio Segment	Pool	Methodology	Loss Driver(s)
Commercial & industrial	Commercial & Industrial	Discounted Cash Flow	Weighted Combined MSA Unemployment and Coincident Economic Activity (CEA) Index for Ohio
Commercial & industrial	Commercial & Industrial - Banc Alliance/Alliance Partners Program	Discounted Cash Flow	Weighted Combined MSA Unemployment and Coincident Economic Activity (CEA) Index for Ohio
Commercial, secured by real estate	Commercial Real Estate (CRE) Non-Owner Occupied	Discounted Cash Flow	Weighted Combined MSA Unemployment ~~and Moody's Commercial Real Estate Price Indexes (CREPI) - US Commercial~~
Commercial, secured by real estate	Commercial Real Estate (CRE) Owner Occupied	Discounted Cash Flow	Weighted Combined MSA Unemployment
Commercial, secured by real estate	Farm Real Estate	Discounted Cash Flow	Weighted Combined MSA Unemployment
Commercial, secured by real estate	Multifamily	Discounted Cash Flow	Weighted Combined MSA Unemployment ~~and Moody's Commercial Real Estate Price Indexes (CREPI) - US Commercial~~
Commercial, secured by real estate	Other Construction, Land Development, and Other Land	Discounted Cash Flow	Weighted Combined MSA Unemployment and Weighted Combined MSA Home Price Index
Residential real estate	Real Estate Mortgage	Discounted Cash Flow	Weighted Combined MSA Unemployment and Weighted Combined MSA Home Price Index
Residential real estate	Second Mortgage (Residential)	Discounted Cash Flow	Weighted Combined MSA Unemployment and Weighted Combined MSA Home Price Index
Residential real estate	Home Equity Line of Credit	Discounted Cash Flow	Weighted Combined MSA Unemployment and Weighted Combined MSA Home Price Index
Residential real estate	Residential 1-4 Family Construction	Discounted Cash Flow	Weighted Combined MSA Unemployment and Weighted Combined MSA Home Price Index
Consumer	Installment - Direct and ODP (Consumer)	Discounted Cash Flow	Weighted Combined MSA Unemployment and Coincident Economic Activity (CEA) Index for Ohio
Consumer	Letter of Credit	~~Discounted Cash Flow/~~Manual	N/A
Consumer	Demand Deposit Account Overdrafts	Manual	N/A
Agricultural	Ag Production and Other Farm	Discounted Cash Flow	Weighted Combined MSA Unemployment

*"MSA" referenced above combines forecasts for Cincinnati, Dayton and Columbus metro areas.

**"Weighted" referenced above refers to weighted average of baseline and alternative scenarios

Management has chosen the discounted cash flow ("DCF") methodology to estimate the quantitative portion of the allowance for credit losses on loans for all loan pools. A Loss Driver Analysis (“LDA”) was performed for the September 30, ~~2024~~ 2025 ACL calculation, based on relevant information available at ~~March~~June 3130, ~~2024~~2025, for each segment to identify potential loss drivers and create a regression model for use in forecasting cash flows. The LDA for all DCF-based pools utilized LCNB’s data and peer data from the Federal Financial Institutions Examination Council's (“FFIEC”) Call Report filings.

In creating the DCF model, as well as reviewing the model quarterly, management established a four-quarter reasonable and supportable forecast period with a six-quarter straight line reversion to the long-term historical average. Due to the infrequency of losses within the farm real estate and agricultural loan portfolios, LCNB elected to use peer data for a more statistically sound calculation.

Key assumptions in the DCF model include the probability of default (“PD”), loss given default (“LGD”), and prepayment/curtailment rates. The model-driven PD and LGD are derived using company specific and peer historical data. Prepayment and curtailment rates were calculated using third party studies of LCNB's data.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Expected credit losses are estimated over the contractual term of the loans, adjusted for prepayments when appropriate. The contractual term excludes extensions, renewals, and modifications unless the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

Qualitative factors for the DCF methodology includes the following:

•

Actual and expected changes in international, national, regional, and local economic and business conditions and developments in which the Company operates that affect the collectability of financial assets;

•

The effect of other external factors such as the regulatory, legal and technological environments, competition, and events such as natural disasters or pandemics;

•

Model risk including statistical risk, reversion risk, timing risk, and model limitation risk;

•

Changes in the nature and volume of the portfolio and terms of loans; and

•

The lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries.

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for estimated selling costs.

~~Prior~~Accrued tointerest ~~the~~receivable ~~adoption~~totaling of$7.1 million ~~ASC~~and ~~326,~~$7.7 million ~~the~~at December ~~provision~~31, ~~for~~2025 ~~loan~~and ~~losses~~2024, respectively, was ~~determined~~excluded byfrom ~~management~~the ~~based~~amortized ~~upon~~cost ~~its~~basis ~~evaluation~~ of the ~~amount~~estimate ~~needed~~of tocredit ~~maintain the allowance for loan~~ losses atand ais ~~level~~reported ~~considered appropriate~~ in ~~relation~~interest toreceivable on the ~~estimated~~Consolidated ~~risk~~Balance ~~of losses inherent in the portfolio~~Sheets. ~~The~~Loans ~~methodology~~are ~~used~~generally byplaced ~~management~~on tonon-accrual ~~estimate~~status ~~the~~at ~~allowance~~90 ~~took~~days ~~into~~past ~~consideration~~due ~~such~~or ~~factors~~when ~~as changes in~~ the ~~nature~~borrower's ~~and~~ability ~~volume of the loan portfolio, overall portfolio quality, review of specific problem loans, historic categorical trends, current delinquency levels as related~~ to ~~historical~~repay ~~levels,~~becomes ~~portfolio~~doubtful. ~~growth~~When ~~rates,~~a ~~changes~~loan inis ~~composition~~placed ofon ~~the~~non-accrual ~~portfolio~~status, ~~the~~any ~~economic~~accrued ~~environment,~~interest asis ~~well~~reversed asand ~~allowance~~charged ~~adequacy~~against ininterest ~~relation to the portfolio~~income.

The allowance consisted of specific and general components. The specific component related to loans that were specifically reviewed for impairment. For such loans, an allowance was established when the discounted cash flows (or collateral value or observable market price) of the impaired loan was lower than the carrying value of that loan. The general component covered loans not specifically reviewed for impairment and homogeneous loan pools, such as residential real estate and consumer loans. The general component was measured for each loan category separately based on each category’s average of historical loss experience over a trailing sixty month period, adjusted for qualitative factors. Such qualitative factors may have included economic conditions if different from the five-year historical loss period, trends in underperforming loans, trends in volume and terms of loan categories, concentrations of credit, and trends in loan quality.

A loan was considered impaired when management believed, based on information and events current at the time, that it was probable that the Bank would be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. An impaired loan was measured by the present value of expected future cash flows using the loan's effective interest rate. An impaired collateral-dependent loan was usually measured based on collateral value. Smaller-balance homogeneous loans, including residential mortgage and consumer installment loans, which were not evaluated individually were collectively evaluated for impairment.

Accrued interest receivable totaling $7.7 million and $7.3 million at December 31, 2024 and 2023, respectively, was excluded from the amortized cost basis of the estimate of credit losses and is reported in interest receivable on the Consolidated Balance Sheets. Loans are generally placed on non-accrual status at 90 days past due or when the borrower's ability to repay becomes doubtful. When a loan is placed on non-accrual status, any accrued interest is reversed and charged against interest income.

ALLOWANCE FOR CREDIT LOSSES ON OFF-BALANCE SHEET CREDIT EXPOSURES

Per the guidance in ASC 326, LCNB estimates expected credit losses over the contractual period during which it is exposed to credit risk by a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for (or recovery of) credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate is made of expected credit losses on commitments expected to be funded over their estimated lives. Funding rates are based on a historical analysis of the Company’s portfolio, while estimates of credit losses are determined using the same loss rates as funded loans.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

LOANS HELD FOR SALE

Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Prior to January 1, 2024, mortgage loans held for sale were generally sold with servicing rights retained. Servicing rights were released to the loan purchaser during 2024 and 2025. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related mortgage loan sold, which is reduced by the cost allocated to the servicing right. LCNB generally locks in the sale price to the purchaser of the mortgage loan at the same time an interest rate commitment is made to the borrower.

FINANCIAL INSTRUMENTS AND LOAN COMMITMENTS

Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Instruments, such as standby letters of credit, that are considered financial guarantees are recorded at fair value. Reserves for unfunded commitments are recorded as an "other liability" in the Consolidated Balance Sheets.

LENDER RISK ACCOUNT

Certain loan sale transactions with the FHLB provide for establishment of a LRA. The LRA consists of amounts withheld from loan sale proceeds by the FHLB-Cincinnati for absorbing projected losses that are probable on those sold loans. These withheld funds are an asset as they are scheduled to be paid to LCNB in future years, net of any credit losses on those loans sold. The receivables are estimated by discounting the expected cash flows over the life of each master commitment contract. Changes in the discounted cash flow are recorded as gain and loss on sale of loans. Expected cash flows are re-evaluated at each measurement date. If there is an adverse change in expected cash flows, the gain and loss on sale of loans would be adjusted on a prospective basis and the asset would be evaluated for impairment.

PREMISES AND EQUIPMENT

Premises and equipment are stated at cost less accumulated depreciation. Land is stated at cost. Depreciation is computed on both the straight-line and accelerated methods over the estimated useful lives of the assets, generally 15 to 40 years for premises and 3 to 10 years for equipment. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Costs incurred for maintenance and repairs are expensed as incurred. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable.

LEASES

LCNB determines if a contract is a lease or contains a lease at its inception. A liability to make lease payments ("the lease liability") and a right-of-use asset representing the right to use the underlying asset for the lease term, initially measured at the present value of the lease payments, are recorded in the consolidated balance sheet. The discount rate is LCNB's incremental borrowing rate for periods similar to the respective lease terms. LCNB management is reasonably certain that it will exercise the renewal options contained within the contracts for its leased offices and these additional terms have been included in the calculation of the right-of-use assets and the lease liabilities. Most variable lease payments are excluded except for those that depend on an index or a rate or are in substance fixed payments.

A lease is classified as a finance lease if it meets any of five designated criteria. If the lease does not meet any of the five criteria, the lease is classified as an operating lease. All leases entered into by LCNB through December 31, ~~2024~~2025 are classified as operating leases. Lease expense is recognized on a straight-line basis over the lease term for operating leases. LCNB has adopted an accounting policy election to not recognize lease assets and lease liabilities for leases with a term of twelve months or less. Lease expense for such leases is generally recognized on a straight-line basis over the lease term.

OTHER REAL ESTATE OWNED

Other real estate owned includes properties acquired through foreclosure. Such property is held for sale and is initially recorded at fair value, less costs to sell, establishing a new cost basis. Fair value is primarily based on a property appraisal obtained at the time of transfer and any periodic updates that may be obtained thereafter. The allowance for credit losses is charged for any write down of the loan’s carrying value to fair value at the date of transfer. Any subsequent reductions in fair value and expenses incurred from holding other real estate owned are charged to other non-interest expense. Costs, excluding interest, relating to the improvement of other real estate owned are capitalized. Gains and losses from the sale of other real estate owned are included in other non-interest expense.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

GOODWILL AND OTHER INTANGIBLE ASSETS

The acquisition method of accounting requires that assets and liabilities acquired in a business combination are recorded at fair value as of the acquisition date. The valuation of assets and liabilities often involves estimates based on third- party valuations, or internal valuations, based on discounted cash flow analyses or other valuation techniques, all of which are inherently subjective. Goodwill is the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill is not amortized, but is instead subject to an annual review for impairment. A review for impairment may be conducted more frequently than annually if circumstances indicate a possible impairment. Impairment indicators that may be considered include the condition of the economy and banking industry; estimated future cash flows; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting unit; performance of LCNB’s stock, and other relevant events. These and other factors could lead to a conclusion that goodwill is impaired, which would require LCNB to write off the difference between the current estimated fair value of the Company and its carrying value.

LCNB performs a goodwill impairment test on an annual basis or more often if events or circumstances indicate that it is more-likely-than-not that the fair value of a reporting unit is below its carrying value. Based on the annual impairment analysis on November 30, ~~2024~~2025, it was determined that the fair value was in excess of its respective carrying value and therefore, goodwill is considered not impaired.

The Company’s other intangible assets relate to core deposits acquired from business combinations. These intangible assets are amortized on a straight-line basis over their estimated useful lives. Management evaluates whether events or circumstances have occurred that indicate the remaining useful life or carrying value of the amortizing intangible should be revised.

MORTGAGE SERVICING RIGHTS

Mortgage loan servicing rights are recognized as assets based on the allocated value of retained servicing rights on mortgage loans sold. Mortgage loan servicing rights are carried at the lower of amortized cost or fair value and are expensed in proportion to, and over the period of, estimated net servicing revenues. Impairment is evaluated based on the fair value of the rights using groupings of the underlying mortgage loans as to interest rates. Any impairment of a grouping is reported as a valuation allowance.

Servicing fee income is recorded for fees earned for servicing mortgage loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Amortization of mortgage loan servicing rights is netted against mortgage loan servicing income and recorded in other operating income in the Consolidated Statements of Income.

BANK OWNED LIFE INSURANCE

The Company has purchased life insurance policies on certain officers of the Company. The Company is the beneficiary of these policies and has recorded the estimated cash surrender value in the Consolidated Balance Sheets. Income on the policies, based on the increase in cash surrender value and any incremental death benefits, is included in non-interest income in the Consolidated Statements of Income.

AFFORDABLE HOUSING TAX CREDIT LIMITED PARTNERSHIP

LCNB has elected to account for its investment in an affordable housing tax credit limited partnership using the proportional amortization method. Accordingly, LCNB amortizes the initial cost of the investment to income tax expense in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. The investment in the limited partnership is included in other assets and the unfunded commitment is included in accrued interest and other liabilities in LCNB's Consolidated Balance Sheets.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

FAIR VALUE MEASUREMENTS

Accounting guidance establishes a fair value hierarchy to prioritize the inputs to valuation techniques used to measure fair value. A financial instrument’s level within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three broad input levels are:

•

Level 1 – quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the reporting date;

•

Level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly; and

•

Level 3 - inputs that are unobservable for the asset or liability.

Accounting guidance permits, but does not require, companies to measure many financial instruments and certain other items, including loans and debt securities, at fair value. The decision to elect the fair value option is made individually for each instrument and is irrevocable once made. Changes in fair value for the selected instruments are recorded in earnings.

The Company did not select any financial instruments for the fair value election in ~~2024~~2025 or ~~2023~~2024.

SHORT-TERM BORROWINGS

Short- term borrowings consist of Federal funds purchased, FHLB advances, and borrowings from non-affiliated banks. Short-term borrowings mature within one day to 365 days of the transaction date.

ADVERTISING EXPENSE

Advertising costs are expensed as incurred and are recorded as a marketing expense, a component of non-interest expense.

PENSION PLANS

The Company sponsors two pension plans, both of which are frozen to new participants.

Eligible employees of the Company hired before 2009 participate in a multiple-employer qualified noncontributory defined benefit retirement plan. This plan is accounted for as a multi-employer plan because assets contributed by an employer are not segregated in a separate account or restricted to provide benefits only to employees of that employer.

Two companies previously acquired by the Company had defined benefit pension plans, which were assumed by the Company. One of the assumed plans was merged into the Company's plan during 2024.

TREASURY STOCK

Common shares repurchased are recorded at cost. Cost of shares retired or reissued is determined using the weighted average method.

STOCK-BASED COMPENSATION

As of December 31, ~~2024~~2025, the only stock-based compensation awards outstanding are restricted stock awards. The compensation cost for restricted stock awards is based on the market price of the Company's common stock at the date of grant multiplied by the number of shares granted that are expected to vest. The estimated cost is recognized on a straight-line basis over the period the employee is required to provide services in exchange for the award, usually the vesting period.

REVENUE FROM CONTRACTS WITH CUSTOMERS

LCNB record's revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, LCNB must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when, or as, the performance obligation is satisfied. Significant revenue has not been recognized in the current reporting period that results from performance obligations satisfied in previous periods.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

LCNB's primary sources of revenue are derived from interest and dividends earned on loans, securities, and other financial instruments that are not within the scope of Topic 606. LCNB has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income is not necessary.

LCNB generally satisfies its performance obligations on contracts with customers as services are rendered, and the transaction prices are typically fixed and charged either on a periodic basis, generally monthly, or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers.

Revenue- generating activities that are within the scope of ASC 606 and that are presented as non-interest income in LCNB's Consolidated Statements of Income include:

•

Fiduciary income - this includes periodic fees due from Wealth Management and Investment Services customers for managing the customers' financial assets. Fees are generally charged on a quarterly or annual basis and are recognized ratably throughout the period, as the services are provided on an ongoing basis.

•

Service charges and fees on deposit accounts - these include general service fees charged for deposit account maintenance and activity and transaction-based fees charged for certain services, such as debit card, wire transfer, or overdraft activities. Revenue is recognized when the performance obligation is completed, which is generally after a transaction is completed or monthly for account maintenance services.

INCOME TAXES

Deferred income taxes are determined using the asset and liability method of accounting. Under this method, the net deferred tax asset or liability is determined based on the tax effects of temporary differences between the book and tax basis of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws.

Management analyzes material tax positions taken in any income tax return for any tax jurisdiction and determines the likelihood of the positions being sustained in a tax examination. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

EARNINGS PER SHARE

Basic earnings per share allocated to common shareholders is calculated using the two-class method and is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is adjusted for the dilutive effects of stock-based compensation and is calculated using the two-class method or the treasury stock method. The diluted average number of common shares outstanding has been increased for the assumed exercise of stock-based compensation with the proceeds used to purchase treasury shares at the average market price for the period.

ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS

ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASC 326")

The Company adopted ASC 326 on January 1, 2023. It significantly changed guidance for recognizing impairment of financial instruments. Previous guidance required an "incurred loss" methodology for recognizing credit losses that delayed recognition until it was probable a loss had been incurred. ASC 326 replaced the incurred loss impairment methodology with a new "current expected credit loss" ("CECL") methodology that reflects expected credit losses over the lives of the credit instruments and requires consideration of a broader range of information to estimate credit losses. ASC 326 requires an organization to estimate all expected credit losses for financial assets measured at amortized cost, including loans and held-to-maturity debt securities, based on historical experience, current conditions, and reasonable and supportable forecasts. It also applies to off-balance sheet credit exposures, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. ASC 326 also made changes to the accounting for credit losses on available-for-sale debt securities. Additional disclosures are required.

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LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

LCNB adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable guidance. The following table shows the impact of adopting ASC 326 on January 1, 2023 (in thousands):

	As Reported Pre-ASC 326			Impact of ASC 326 Adoption			As Reported Under ASC 326
Assets:
Loans, gross of allowance	$	1,401,278			341			1,401,619
ACL on loans		(5,646	)		(2,196	)		(7,842	)
ACL on debt securities, held to maturity		—			(7	)		(7	)
Deferred tax assets, net		6,639			511			7,150
Liabilities:
ACL on off-balance sheet credit exposures		—			571			571
Shareholders' Equity:
Retained earnings		139,249			(1,922	)		137,327

Federal banking regulatory agencies allow an optional phase-in period of three years for banks to absorb the impact to regulatory capital of implementing CECL. LCNB has elected not to exercise this option and the full impact of adopting ASU No. 2016-13 is included in regulatory capital as of December 31, 2024. Adoption of the ASU did not materially affect LCNB's regulatory capital ratios.

ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures"

ASU No. 2022-02 was issued in March 2022 and became effective for LCNB on January 1, 2023. These amendments eliminated previous troubled debt restructuring ("TDR") recognition and measurement guidance and, instead, required that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements and introduce new disclosure requirements for certain modifications to borrowers experiencing financial difficulties. Additionally, the amendments require the disclosure of current-period gross charge-offs by year of origination. Adoption of ASU No. 2022-02 did not have a material impact on LCNB's results of consolidated operations or financial position.

ASU No. 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a Consensus of the Emerging Issues Task Force)"

ASU No. 2023-02 was issued in March 2023 and became effective for LCNB on January 1, 2024. It allows reporting entities the option to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met, regardless of the tax credit program from which the income tax credits are received. The proportional amortization method was previously limited to Low-Income Housing Tax Credit investments. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). Adoption of ASU No. 2023-02 did not have a material impact on LCNB's results of consolidated operations or financial position.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures"

ASU 2023-07 was issued in November 2023 and became effective for LCNB on January 1, 2024. It changes the requirements for segment disclosures, primarily through enhancing disclosure requirements for significant segment expenses, enhancing interim disclosure requirements, clarifying circumstances in which an entity can disclose multiple segment measures of profit or loss, providing new segment disclosure requirements for entities with a single reportable segment, and modifying other disclosure requirements. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. Adoption of ASU No 2023-07 did not have a material impact on LCNB's results of consolidated operations or financial position.

ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures."

ASU No. 2023-09 was issued in December 2023 and became effective for LCNB on January 1, 2025. The amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: (1) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. Adoption of ASU No. 2023-09 did not have a material impact to the financial statements of the Company.

ASU 2024-01 “Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”

ASU No. 2024-01 was issued in March 2024 and became effective for LCNB on January 1, 2025. It clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and, therefore, is within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. Adoption of ASU No. 2024-01 did not have a material impact to the financial statements of the Company.

RECENT ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE

From time to time the FASB issues an ASU to communicate changes to U.S. GAAP. The following information provides brief summaries of newly issued but not yet effective ASUs that could have an effect on LCNB’s financial position or results of consolidated operations:

ASU ~~2023~~2025-09 08 “~~Income~~Financial ~~Taxes~~Instruments ~~(Topic~~— ~~740):~~Credit ~~Improvements~~Losses ~~to Income Tax Disclosures.” ASU No. 2023-09 was issued in December 2023. The amendments require that public business entities on an annual basis~~ (1)Topic ~~disclose specific categories in the rate reconciliation, and (2~~326) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: ~~(1)~~Purchased the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. LCNB will adopt this ASU for the reporting period beginning January 1, 2025, and does not expect the amendments to have a material impact to the financial statements of the Company.Loans”

~~ASU~~In November ~~2024-01~~2025, ~~“Compensation~~the FASB issued ASU 2025-08 ~~Stock~~Financial ~~Compensation~~Instruments—Credit Losses (Topic ~~718~~326) -— ~~Scope~~Purchased ~~Application~~Loans. ofThe ~~Profits~~amendments ~~Interest~~in ~~and~~this ~~Similar~~Update ~~Awards,”~~expand ~~ASU~~the ~~No.~~population ~~2024-01~~of ~~was~~acquired ~~issued~~financial ~~in March~~assets ~~2024~~subject ~~and~~to ~~clarifies~~the ~~how~~gross-up anapproach ~~entity~~in ~~determines~~Topic ~~whether~~326. aIn ~~profits~~accordance ~~interest~~with orthe ~~similar~~amendments ~~award~~in isthis ~~within~~Update, ~~the~~loans ~~scope~~(excluding ofcredit ~~Topic~~cards) ~~718~~acquired orwithout iscredit ~~not~~deterioration aand ~~share-based~~deemed ~~payment~~“seasoned” ~~arrangement~~are purchased seasoned loans and, ~~therefore,~~accounted isfor ~~within~~using the ~~scope~~gross-up ofapproach ~~other~~at ~~guidance~~acquisition. ~~ASU~~All ~~2024~~non-01PCD ~~provides~~(purchased anfinancial ~~illustrative~~asset ~~example~~ with ~~multiple~~credit ~~fact~~deterioration) ~~patterns~~loans ~~and~~(excluding ~~also~~credit ~~amends~~cards) ~~certain~~that ~~language~~are acquired in ~~the~~a ~~“Scope”~~business ~~and~~combination ~~“Scope~~are ~~Exceptions”~~deemed ~~sections~~seasoned. ofOther ~~Topic~~non-PCD ~~718~~loans to(excluding ~~improve~~credit ~~its~~cards) ~~clarity~~are ~~and~~seasoned ~~operability~~if ~~without~~they ~~changing~~were purchased at least 90 days after origination and the ~~guidance.~~acquirer ~~Entities~~was ~~can~~not ~~apply~~involved in the origination of the loans. The amendments ~~either~~in ~~retrospectively~~this toUpdate are effective for all ~~prior~~entities for annual reporting periods ~~presented~~beginning inafter December ~~the~~15, ~~financial~~2026, ~~statements~~and orinterim ~~prospectively~~reporting toperiods ~~profits~~within ~~interest~~those ~~and~~annual ~~similar~~reporting ~~awards~~periods. ~~granted~~The oramendments ~~modified~~in this Update should be applied prospectively to loans that are acquired on or after the ~~date~~initial ofapplication ~~adoption~~date. IfEarly ~~prospective~~adoption ~~application~~ is ~~elected,~~permitted in an ~~entity~~interim ~~must~~or ~~disclose~~annual ~~the~~reporting ~~nature~~period ofin ~~and~~which ~~reason~~financial ~~for~~statements ~~the~~have ~~change~~not inyet ~~accounting~~been ~~principle.~~issued ~~ASU~~or ~~2024-01~~made isavailable ~~effective January~~for 1,issuance. ~~2025,~~Management ~~including~~is ~~interim~~currently ~~periods,~~evaluating the Update and isdoes not ~~expected~~expect adoption of the Update to have a material ~~impact~~effect toon the Company’s financial ~~statements~~position ofor ~~the~~results ~~Company~~of operations.

~~NOTE 2~~ - ~~BUSINESS COMBINATIONS~~59-

Cincinnati Bancorp, Inc.

On November 1, 2023, LCNB acquired Cincinnati Bancorp, Inc. ("CNNB"), the holding company for Cincinnati Federal a federally chartered stock savings and loan association. Under the terms of the definitive merger agreement, CNNB merged with and into LCNB Corp., immediately followed by the merger of Cincinnati Federal with and into LCNB National Bank. CNNB operated four full-service offices in Cincinnati, Ohio and one full-service office in Florence, Kentucky, which became offices of LCNB after the merger. The merger significantly increased LCNB’s existing presence in the Cincinnati market and expanded LCNB’s community banking franchise across the Ohio River into the Northern Kentucky market. During the quarter ended September 30, 2024, LCNB consolidated one of the full-service branches acquired from Cincinnati Federal with a full-service branch acquired from EAGLE.Bank resulting in the closure of one branch office in Cincinnati, Ohio. The Florence, Kentucky office closed at the end of the business day on February 27, 2025.

CNNB results of operations were included in LCNB's results beginning November 1, 2023.

Under the terms of the merger agreement, CNNB shareholders had the opportunity to elect to receive either 0.9274 shares of LCNB stock or $17.21 in cash for each share of CNNB common stock owned, subject to the limitation that 80% of the consideration be in the form of LCNB common stock and 20% of the consideration be in the form of cash. The fair value of the common stock issued as part of the consideration was determined on the basis of the closing price of LCNB's common stock on the acquisition date.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 2 - BUSINESS COMBINATIONS ~~(continued)~~

The following table summarizes the fair value of the total consideration transferred as a part of the CNNB acquisition and the fair value of identifiable assets acquired and liabilities assumed as originally reported at December 31, 2023 and as adjusted at December 31, 2024 (in thousands):

	December 31, 2023		Adjustments			December 31, 2024
Consideration:
Cash consideration	$	9,475		—			9,475
Common stock (2,042,598 shares issued at $13.99 per share)		28,576		—			28,576
Fair value of total consideration transferred		38,051		—			38,051
Identifiable Assets Acquired:
Cash and cash equivalents		11,368		—			11,368
Debt securities, available-for-sale		5,210		—			5,210
Federal Home Loan Bank stock		7,508		—			7,508
Loans, net		236,692		(732	)		235,960
Premises and equipment		2,767		—			2,767
Operating lease right-of-use assets		64		—			64
Core deposit and other intangibles		8,391		—			8,391
Bank owned life insurance		4,413		—			4,413
Deferred income taxes		4,451		82			4,533
Other assets		12,950		122			13,072
Total identifiable assets acquired		293,814		(528	)		293,286
Liabilities Assumed:
Deposits		210,532		—			210,532
Short-term borrowings		55,999		—			55,999
Long-term debt		5,963		—			5,963
Operating lease liabilities		68		(4	)		64
Other liabilities		3,489		—			3,489
Total liabilities assumed		276,051		(4	)		276,047
Total Identifiable Net Assets Acquired		17,763		(524	)		17,239
Goodwill Resulting From Merger	$	20,288		524			20,812

The fair value and gross contractual amounts of non-PCD loans as of the acquisition date was $231.9 million and $258.6 million, respectively. LCNB recorded a provision for credit losses on these loans of $1,722,000.

Effective October 31, 2024, management finalized the fair values of the acquired assets and assumed liabilities within the 12 month post-acquisition date, as allowed by GAAP. The loan adjustment in the table above was due to a fair value adjustment to deferred fees and costs on loans acquired. The other assets, operating lease liabilities and resulting deferred tax adjustments in the table above were related to the updated fair value adjustments.

The amount of goodwill recorded reflects LCNB's expansion in the Cincinnati market and related synergies that are expected to result from the acquisition and represents the excess purchase price over the estimated fair value of the net assets acquired. The goodwill will not be amortizable on LCNB's financial records and will not be deductible for tax purposes. Total goodwill will be subject to an annual test for impairment and the amount impaired, if any, will be charged to expense at the time of impairment.

Direct expenses related to the CNNB acquisition totaled $333,000 and $4,514,000 during the years ended December 31, 2024 and 2023, respectfully, and were expensed as incurred and are recorded as Merger-related expenses in the Consolidated Statements of Income.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024

(Continued)

NOTE 2 - BUSINESS COMBINATIONS (continued)

Eagle Financial Bancorp, Inc.

On April 12, 2024, LCNB acquired Eagle Financial Bancorp, Inc. (“EFBI”), the holding company for EAGLE.bank, an Ohio state-chartered bank. Under the terms of the definitive merger agreement, EFBI merged with and into LCNB Corp., immediately followed by the merger of EAGLE.bank with and into LCNB National Bank. EAGLE.bank operated three full-service banking offices in Cincinnati, Ohio, which became offices of LCNB after the merger. This transaction increased LCNB’s presence in the Cincinnati market.

Subject to the terms of the merger agreement, EFBI shareholders had the opportunity to elect to receive either 1.1401 shares of LCNB Corp. stock, $19.10 per share in cash for each share of EFBI common stock owned, or a combination thereof subject to at least 60%, but not more than 70%, of the shares of EFBI being exchanged for LCNB common stock. The fair value of the common stock issued as part of the consideration was determined on the basis of the closing price of LCNB's common stock on the acquisition date.

The following table summarizes the fair value of the total consideration transferred as a part of the EFBI acquisition and the fair value of identifiable assets acquired and liabilities assumed as originally reported at June 30, 2024 and as adjusted at ~~December~~June 3130, ~~2024~~ 2025 (in thousands):

	June 30, 2024		Adjustments			~~December~~June 3130, ~~2024~~2025
Consideration:
Cash consideration	$	10,256		(83	)		10,173
Common stock (868,001 shares issued at $14.04 per share)		12,891		(704	)		12,187
Fair value of total consideration transferred		23,147		(787	)		22,360
Identifiable Assets Acquired:
Cash and cash equivalents		8,029		—			8,029
Debt securities, available-for-sale		698		—			698
Federal Home Loan Bank stock		4,334		—			4,334
Loans, net		127,700		—			127,700
Premises and equipment		3,427		—			3,427
Operating lease right-of-use assets		48		—			48
Core deposit and other intangibles		3,760		—			3,760
Bank owned life insurance		3,004		—			3,004
Deferred income taxes		1,813		2,453			4,266
Other assets		2,590		482			3,072
Total identifiable assets acquired		155,403		2,935			158,338
Liabilities Assumed:
Deposits		132,435		—			132,435
Short-term borrowings		13,000		—			13,000
Operating lease liabilities		48		—			48
Other liabilities		773		(1	)		772
Total liabilities assumed		146,256		(1	)		146,255
Total Identifiable Net Assets Acquired		9,147		2,936			12,083
Goodwill Resulting From Merger	$	14,000		(3,723	)		10,277

The fair value and gross contractual amounts of non-PCD loans as of the acquisition date was $101.7 million and $112.5 million, respectively. LCNB recorded a provision for credit losses on these loans of $763~~,000~~ thousand during the second quarter of 2024.

AsEffective April ~~permitted by ASC No. 805-10-25~~11, ~~Business Combinations~~2025, ~~the~~management ~~above~~finalized ~~estimated amounts may be adjusted up to one year after~~ the ~~closing~~fair ~~date~~values of the ~~transaction~~acquired toassets ~~reflect any new information obtained about facts~~ and ~~circumstances~~assumed ~~existing~~liabilities atwithin the ~~acquisition~~12 ~~date.~~month ~~While~~post-acquisition ~~the Company believes that the information available on the merger~~ date ~~provided a reasonable basis for estimating fair value~~, ~~additional~~as ~~information~~allowed ~~and~~by ~~evidence may~~GAAP. The beconsideration ~~provided~~adjustments ~~which~~in ~~will~~the betable ~~utilized~~above toare ~~finalize~~associated ~~all~~with ~~valuations and record final adjustments during~~ the ~~one-year~~unearned ~~subsequent~~portion ~~measurement~~of ~~period~~EAGLE.bank's ~~These~~employee ~~adjustments may~~stock ~~include:~~ownership ~~(i)~~plan. The ~~changes~~other ~~in deferred tax~~ assets, orother liabilities ~~related to fair value estimates~~ and ~~changes~~resulting indeferred ~~the expected realization of items considered to be net operating loss carryforwards due to~~ tax ~~calculations~~adjustments ~~still~~ in ~~process, and (ii) changes in goodwill as a result of~~ the ~~net~~table ~~effect~~above ofwere ~~any~~related ~~adjustments.~~to ~~As such, any changes in~~ the ~~estimated~~updated fair value ~~of assets will be recognized in the period the adjustment is identified~~adjustments.

The ~~consideration~~amount ~~adjustments~~of goodwill recorded reflects LCNB's expansion in the Cincinnati market and related synergies that are ~~associated~~expected ~~with~~to result from the ~~unearned~~acquisition ~~portion~~and represents the excess purchase price over the estimated fair value of ~~EAGLE~~the net assets acquired.~~bank~~ The goodwill will not be amortizable on LCNB's ~~employee~~financial ~~stock~~records ~~ownership~~and ~~plan~~will not be deductible for tax purposes. ~~The~~Total ~~other~~goodwill ~~assets~~will be subject to an annual test, ~~other~~which ~~liabilities~~was ~~and~~conducted ~~resulting~~on November ~~deferred~~30, ~~tax~~2025, for ~~adjustments~~impairment inand the ~~table~~amount ~~above~~impaired, ~~were~~if ~~related~~any, will be charged to ~~the~~expense ~~updated~~at ~~fair~~the ~~value~~time ~~adjustments~~of impairment.

~~The~~Direct ~~amount~~expenses ~~of goodwill recorded reflects LCNB's expansion in the Cincinnati market and~~ related ~~synergies that are expected~~ to ~~result from~~ the EFBI acquisition ~~and~~totaled ~~represents~~$124 ~~the~~thousand ~~excess~~and $3.1 ~~purchase~~million during ~~price over~~ the ~~estimated~~years ~~fair~~ended December ~~value~~31, of2025 ~~the~~and ~~net~~2024, ~~assets acquired. The goodwill will not be amortizable on LCNB's financial records~~ respectfully, and ~~will~~were ~~not~~expensed beas ~~deductible~~incurred ~~for tax purposes. Total goodwill will be subject to an annual test for impairment~~ and ~~the~~are ~~amount~~recorded ~~impaired,~~as ifMerger-related ~~any,~~expenses ~~will~~in ~~be charged to expense at~~ the ~~time~~Consolidated Statements of ~~impairment~~Income.

Direct expenses related to the EFBI acquisition totaled $3,109,000 and $142,000 during the years ended December 31, 2024 and 2023, respectfully, and were expensed as incurred and are recorded as Merger-related expenses in the Consolidated Statements of Income.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 3 - INVESTMENT SECURITIES

The amortized cost and estimated fair value of debt securities at December 31 are summarized as follows (in thousands):

	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
2025
Debt Securities Available-for-Sale:
U.S. Treasury notes	$	52,626		—		2,168		50,458
U.S. Agency notes		75,299		38		2,933		72,404
Corporate bonds		12,013		64		344		11,733
U.S. Agency mortgage-backed securities		68,085		3		5,571		62,517
Municipal securities:
Non-taxable		4,191		—		186		4,005
Taxable		32,898		1		1,745		31,154
	$	245,112		106		12,947		232,271
Debt Securities Held-to-Maturity:
Municipal securities:
Non-taxable	$	13,113		18		666		12,465
Taxable		2,967		—		319		2,648
	$	16,080		18		985		15,113
2024
Debt Securities Available-for-Sale:
U.S. Treasury notes	$	70,934		—		4,754		66,180
U.S. Agency notes		83,770		—		6,253		77,517
Corporate Bonds		8,200		5		449		7,756
Corporate bonds		8,200		5		449		7,756
U.S. Agency mortgage-backed securities		78,869		3		9,326		69,546
Municipal securities:
Non-taxable		4,248		—		266		3,982
Taxable		36,599		—		3,253		33,346
	$	282,620		8		24,301		258,327
Debt Securities Held-to-Maturity:
Municipal securities:
Non-taxable	$	13,~~200~~195		—		922		12,~~278~~273
Taxable		3,129		—		474		2,655
	$	16,~~329~~324		—		1,396		14,~~933~~928
2023
Debt Securities Available-for-Sale:
U.S. Treasury notes	$	74,404		—		6,202		68,202
U.S. Agency notes		88,978		—		8,077		80,901
Corporate Bonds		7,450		—		916		6,534
U.S. Agency mortgage-backed securities		81,634		2		8,846		72,790
Municipal securities:
Non-taxable		7,416		—		245		7,171
Taxable		44,923		1		3,921		41,003
	$	304,805		3		28,207		276,601
Debt Securities Held-to-Maturity:
Municipal securities:
Non-taxable	$	13,580		4		872		12,712
Taxable		3,283		—		316		2,967
	$	16,863		4		1,188		15,679

The Company estimated the expected credit losses at December 31, ~~2024~~2025 and December 31, ~~2023~~2024 to be immaterial based on the composition of the securities portfolio.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 3 - INVESTMENT SECURITIES (Continued)

Information concerning debt securities with gross unrealized losses at December 31, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (in thousands):

	Less Than Twelve Months				Twelve Months or More
	Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses
2025
Available-for-Sale:
U.S. Treasury notes	$	—		—		50,458		2,168
U.S. Agency notes		—		—		68,169		2,933
Corporate bonds		2,119		81		5,237		263
U.S. Agency mortgage-backed securities		6,785		50		55,533		5,521
Municipal securities:
Non-taxable		—		—		2,975		186
Taxable		—		—		30,252		1,745
	$	8,904		131		212,624		12,816
Held-to-Maturity:
Municipal securities:
Non-taxable	$	1,364		13		8,608		653
Taxable		—		—		2,650		319
	$	1,364		13		11,258		972
2024
Available-for-Sale:
U.S. Treasury notes	$	3,232		—		62,948		4,754
U.S. Agency notes		3,991		137		73,526		6,116
Corporate Bonds		743		7		6,258		442
Corporate bonds		743		7		6,258		442
U.S. Agency mortgage-backed securities		5,806		180		63,539		9,146
Municipal securities:
Non-taxable		—		—		3,982		266
Taxable		—		—		33,286		3,253
	$	13,772		324		243,539		23,977
Held-to-Maturity:
Municipal securities:
Non-taxable	$	2,283		17		9,578		905
Taxable		—		—		2,655		474
	$	2,283		17		12,233		1,379
2023
Available-for-Sale:
U.S. Treasury notes	$	—		—		68,202		6,202
U.S. Agency notes		—		—		80,901		8,077
Corporate Bonds		734		16		5,800		900
U.S. Agency mortgage-backed securities		—		—		72,287		8,846
Municipal securities:
Non-taxable		1,540		10		5,631		235
Taxable		—		—		40,392		3,921
	$	2,274		26		273,213		28,181
Held-to-Maturity:
Municipal securities:
Non-taxable	$	6,012		476		5,975		396
Taxable		—		—		2,966		316
	$	6,012		476		8,941		712

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 3 - INVESTMENT SECURITIES (Continued)

At December 31, ~~2024~~2025, LCNB’s securities portfolio consisted of ~~161~~ 153 securities, ~~157~~ 139 of which were in an unrealized loss position. At December 31, ~~2023~~2024, LCNB's securities portfolio consisted of ~~207~~161 securities, ~~176~~157 of which were in an unrealized loss position. After considering the issuers of the securities, LCNB management determined that that the unrealized losses were due to changing interest rate environments. At December 31, ~~2024~~2025, as LCNB had no intent to sell its debt securities before recovery of their cost basis and as it was more likely than not that it will not be required to sell its debt securities before recovery of the cost basis, no unrealized losses were deemed to represent credit losses.

Contractual maturities of debt securities at December 31, ~~2024~~2025 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.

Available-for-Sale

Held-to-Maturity

Amortized

Fair

Amortized

Fair

Cost

Value

Cost

Value

Due within one year

2926,~~992~~707

2926,~~317~~343

64279

63274

Due from one to five years

~~143~~126,~~031~~351

~~131~~120,~~434~~210

~~991~~884

~~961~~838

Due from five to ten years

3022,~~728~~969

2822,~~030~~201

98,~~638~~132

97,~~007~~797

Due after ten years

—1,000

56,~~636~~785

46,~~902~~204

203,751

188,781

16,329

14,933

177,027

169,754

16,080

15,113

U.S. Agency mortgage-backed securities

7868,~~869~~085

6962,~~546~~517

—

~~282~~245,~~620~~112

~~258~~232,~~327~~271

16,~~329~~080

1415,~~933~~113

Debt securities with a market value of $~~116,186,000~~ 121.4 and $~~124,367,000~~116.2 million at December 31, ~~2024~~2025 and ~~2023~~2024, respectively, were pledged to secure public deposits and for other purposes required or permitted by law.

Certain information concerning the sale of debt securities available-for-sale for the years ended December 31 was as follows (in thousands):

	2024		2023		2022
	2025		2024		2023
Proceeds from sales	$	~~9,615~~—		59,~~210~~615		—5,210
Gross realized gains		—		—		—
Gross realized losses		~~214~~—		—214		—

Equity securities with a readily determinable fair value are carried at fair value, with changes in fair value recognized in other operating income in the Consolidated Statements of Income. Equity securities without a readily determinable fair value are measured at cost minus impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions, as defined, for identical or similar investments of the same issuer. LCNB was not aware of any impairment or observable price change adjustments that needed to be made at December 31, ~~2024~~2025 on its investments in equity securities without a readily determinable fair value.

The amortized cost and estimated fair value of equity securities with a readily determinable fair value at December 31 are summarized as follows (in thousands):

2024

2023

2025

2024

Amortized

Fair

Amortized

Fair

Cost

Value

Cost

Value

Mutual funds

1,~~451~~491

1,~~265~~345

1,~~415~~451

1,~~240~~265

Equity securities

9888

9698

Total equity securities with a readily determinable fair value

1,~~461~~501

1,~~363~~433

1,~~425~~461

1,~~336~~363

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 3 - INVESTMENT SECURITIES (Continued)

Certain information concerning changes in fair value of equity securities with a readily determinable fair value for the years ended December 31 was as follows (in thousands):

	2024			2023			2022
	2025			2024			2023
Net losses recognized during the period on equity securities	$	(9	)		(5	)		(292	)
Net gains (losses) recognized during the period on equity securities	$	30			(9	)		(5	)
Less net losses recognized on equity securities sold during the period		—			~~(61~~—	)		—(61	)
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at period end	$	(930	)		56(9	)		~~(292~~56	)

NOTE 4 - LOANS

Major classifications of loans at December 31 were as follows (in thousands):

	2024		2023
	2025		2024
Commercial and industrial	$	~~118~~104,~~611~~105		~~120~~118,~~541~~611
Commercial, secured by real estate:
Owner occupied		~~210~~219,~~327~~273		~~206~~210,~~705~~327
Non-owner occupied		~~508~~505,~~531~~182		~~501~~508,~~108~~531
Farmland		3735,~~860~~561		37,~~367~~860
Multi-family		~~264~~253,~~260~~051		~~240~~264,~~033~~260
Construction		9185,~~154~~144		~~120~~91,~~431~~154
Residential real estate:
Secured by senior liens on 1-4 family dwellings		~~392~~395,~~513~~552		~~402~~392,~~026~~513
Secured by junior liens on 1-4 family dwellings		2120,~~522~~690		1921,~~999~~522
Home equity line-of-credit loans		4354,~~064~~109		3843,~~579~~064
Consumer		2016,~~498~~955		2520,~~600~~498
Agricultural		1315,~~293~~699		1113,~~000~~293
Other loans, including deposit overdrafts		~~179~~210		82179
		1,721,812		1,723,471
		1,705,531		1,721,812
Less allowance for credit losses		1213,~~001~~704		1012,~~525~~001
Loans-net	$	1,~~709~~691,~~811~~827		1,~~712~~709,~~946~~811

Loans in the above table are shown net of deferred origination fees and costs. Deferred origination fees, net of related costs, were $~~796,000~~1.1 million and $~~181,000~~796 thousand at December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

Accrued interest receivable of $7.1 million and $7.7 million are excluded from the balances above as of December 31, 2025 and 2024, respectively, and are recorded in interest receivable in the consolidated condensed balance sheets.

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LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 4 - LOANS (Continued)

Non-accrual loans by class of receivable at December 31 were as follows (dollars in thousands):

	2024				2023
	2025				2024
	Non-accrual Loans				Non-accrual Loans
	with no Allowance		Total		with no Allowance		Total
	for Credit Losses		Non-accrual Loans		for Credit Losses		Non-accrual Loans
Commercial and industrial	$	—		1,~~375~~391		—		—1,375
Commercial, secured by real estate
Owner occupied		—		—		—		—
Non-owner occupied		—		~~2,642~~—		—		—2,642
Farmland		16—		16—		5116		5116
Multi-family		—		—		—		—
Construction		—		—		—		—
Residential real estate
Secured by senior liens on 1-4 family dwellings		7352		~~467~~384		2973		29467
Secured by junior liens on 1-4 family dwellings		—		—		—		—
Home equity line-of-credit loans		—		—		—		—
Consumer		2819		2819		—28		—28
Agricultural		—		—		—		—
Total non-accrual loans	$	~~117~~71		41,~~528~~794		80117		804,528

~~Nonaccrual~~Interest income recognized on nonaccrual loans totaled $~~391~~9 thousand and $234 thousand during the twelve months ended December 31,~~000~~ as2025 ofand 2024, respectively. Accrued interest reversed and charged against interest income for these loans totaled approximately $9 thousand and $48 thousand during the twelve months ended December 31, ~~2022~~2025 and 2024, respectively.

~~Interest~~The ~~income~~ratio ~~recognized~~of onnon-accrual ~~nonaccrual~~ loans ~~totaled~~to ~~$234,000~~total ~~and~~loans ~~$26,000~~outstanding ~~during the twelve months ended~~at December 31, ~~2024~~2025 and ~~2023,~~2024 ~~respectively~~was 0.11% ~~Accrued interest reversed~~ and ~~charged against interest income for these loans totaled approximately $48~~0.26%,~~000~~ ~~and $7,000 during the twelve months ended December 31, 2024 and 2023,~~ respectively.

The ratio of non-accrual loans to total loans outstanding at December 31, 2024 and 2023 was 0.26% and 0.00%, respectively.

ALLOWANCE FOR CREDIT LOSSES

The ACL is an estimate of the expected credit losses on financial assets measured at amortized cost, which is measured using relevant information about past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. A provision for credit losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors ~~as discussed within Note 1 – Basis of Presentation - Adoption of New Accounting Pronouncements included in this Form 10-K~~.

During the first quarter of 2023, the Company adopted ASU 2016-13, including the CECL methodology for estimating the ACL. This standard was adopted using a modified retrospective approach on January 1, 2023. See Note 1 - Basis of Presentation - Adoption of New Accounting Pronouncements for a summary of the impact adoption of ASU 2016-13 had on LCNB's ACL, retained earnings, and deferred taxes.

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LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 4 - LOANS (Continued)

QUANTITATIVE CONSIDERATIONS

The ACL is primarily calculated utilizing a DCF model. Key inputs and assumptions used in this model are discussed below:

• Forecast model - For each portfolio segment, an LDA was performed in order to identify appropriate loss drivers and create a regression model for use in forecasting cash flows. The LDA utilized peer FFIEC Call Report data for all pools and was last updated for the September 30, ~~2024~~2025 ACL calculation based on relevant information available at ~~March~~June 3130, ~~2024~~2025.

•

Probability of default – PD is the probability that an asset will be in default within a given time frame. The Company has defined default as when a charge-off has occurred, a loan goes to non-accrual status, a loan is greater than 90 days past due, or financial difficulty modification status change. The forecast model is utilized to estimate PDs.

•

Loss given default – LGD is the percentage of the asset not expected to be collected upon default. The LGD is derived from company specific and peer loss data.

•

Prepayments and curtailments – Prepayments and curtailments are calculated based on the Company’s own data. This analysis is updated when materially relevant.

• Forecast and reversion – At December 31, ~~2024~~2025, the Company utilized a four-quarter reasonable and supportable forecast period with a six-quarter straight line reversion to the long-term historical average and will continue to do so until there is a substantial change in the reliability of the Moody’s forecast provided or significant economic events. Although the CECL committee views the reversion period as more variable than the forecast period, the CECL committee believes that a six quarter reversion is an appropriate blend considering the varying spread of the economic forecasts. The forecasted increase in unemployment remained within a reasonable range of the historical average, indicating the need for a shorter reversion, while the CRE price index remained significantly negative which would indicate the need for a long reversion to get back to the positive average index. Extending the forecast and shortening the reversion periods from previous quarters has differing effects on pools based on the economic indicators used and the relation of the selected forecast range to the historical average. For example, the historical average for the Company's unemployment indicator is higher than the forecasted range utilized as of December 31, 2024. The extended forecast and reversion period ultimately decreases the reserve associated with the unemployment factor when compared to the historical average. The historical average for the CRE Price Index is higher than the significantly negative forecasted range utilized as of December 31, 2024. On the contrary, the extended forecast and reversion period ultimately increases the reserve associated with the CRE Price Index when compared to the historical average.

• Economic forecast – the Company utilizes aMoody's ~~third party~~ to provide economic forecasts under various scenarios, which are assessed against economic indicators and management’s observations in the market. As of December 31, ~~2024~~2025, the Company selected a ~~forecast~~forecasted data model which ~~forecasts~~projects unemployment between 45.9345% and 56.5522%, the change in Coincident Economic Activity between -0.2207% and 0.8058%, ~~the change in Commercial Real Estate Price Indexes between -6.95%~~ and ~~-2.07%, and~~ the change in the Home Price Index between -23.513% and 21.9124% during the forecast periods. Management believes that the resulting quantitative reserve appropriately balances economic indicators with identified risks. As of September 30, ~~2024~~2025, the Company selected a forecast model which ~~forecasts~~projects unemployment between 45.8633% and 56.4821%, the change in Coincident Economic Activity between -0.3727% and 0.8360%, and the change in ~~Commercial~~the ~~Real~~Home ~~Estate~~ Price ~~Indexes~~Index between -62.5260% and -0.6848%, ~~and~~during the ~~change~~forecast inperiods. Management believes the ~~Home~~resulting ~~Price~~quantitative ~~Index~~reserve ~~between~~appropriately ~~-4.12%~~balances ~~and~~economic 2indicators with identified risks.~~98%.~~ The historical averages for LCNB’s economic indicators are unemployment – 5.7572%, change in Coincident Economic Activity – 1.9794%, ~~change in Commercial Real Estate Price Indexes – 4.61%,~~ and change in Home Price Index – 2.7582%.

QUALITATIVE CONSIDERATIONS

In addition to the quantitative model, management considers the need for qualitative adjustment for risks not considered in the DCF. Factors that are considered by management in determining loan collectability and the appropriate level of the ACL are listed below:

•

The effect of other external factors such as the regulatory, legal and technological environments, competition, and events such as natural disasters or pandemics;

•

Model risk including statistical risk, reversion risk, timing risk and model limitation risk;

•

Changes in the nature and volume of the portfolio and terms of loans; and

•

The lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries.

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LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 4 - LOANS (Continued)

The following table presents activity in the allowance for credit losses and a breakdown of the recorded investment in the allowance for credit losses by portfolio segment for the three years ended December 31 and a breakdown of the recorded investment in the loan portfolio by portfolio segment for the two years ended December 31 (in thousands):

				Commercial,
	Commercial			Secured by			Residential
	& Industrial			Real Estate			Real Estate			Consumer			Agricultural			Other			Total
2025
Allowance for credit losses on loans:
Balance, beginning of year	$	1,573			6,537			3,634			220			24			13			12,001
Provision for (recovery of) credit losses		890			33			912			(10	)		6			145			1,976
Losses charged off		—			(110	)		(58	)		(34	)		—			(206	)		(408	)
Recoveries		—			54			4			12			—			65			135
Balance, end of year	$	2,463			6,514			4,492			188			30			17			13,704
Individually evaluated for credit loss	$	1,391			—			25			—			—			—			1,416
Collectively evaluated for credit loss		1,072			6,514			4,467			188			30			17			12,288
Balance, end of year	$	2,463			6,514			4,492			188			30			17			13,704
Loans:
Individually evaluated for credit loss	$	1,444			—			1,058			—			—			—			2,502
Collectively evaluated for credit loss		102,661			1,098,211			469,293			16,955			15,699			210			1,703,029
Balance, end of year	$	104,105			1,098,211			470,351			16,955			15,699			210			1,705,531
Percent of loans in each category to total loans		6.1	%		64.4	%		27.6	%		1.0	%		0.9	%		0.0	%		100.0	%
Ratio of net charge-offs to average loans		—	%		0.01	%		0.01	%		0.12	%		—	%		73.44	%		0.02	%
2024
Allowance for credit losses on loans:
Balance, beginning of year	$	1,039			5,414			3,816			238			18			—			10,525
Acquisition of Eagle Financial Bancorp, Inc. - PCD Loans		101			8			79			—			—			—			188
Provision for (recovery of) credit losses		987			869			(736	)		(44	)		62			128			1,266
Acquisition of Eagle Financial Bancorp, Inc. - provision for credit losses on non-PCD loans charged to expense		51			246			466			—			—			—			763
Losses charged off		(610	)		—			—			(43	)		(57	)		(193	)		(903	)
Recoveries		5			—			9			69			1			78			162
Balance, end of year	$	1,573			6,537			3,634			220			24			13			12,001
Individually evaluated for credit loss	$	121			1,204			53			—			—			—			1,378
Collectively evaluated for credit loss		1,452			5,333			3,581			220			24			13			10,623
Balance, end of year	$	1,573			6,537			3,634			220			24			13			12,001
Loans:
Individually evaluated for credit loss	$	1,431			3,205			499			—			—			—			5,135
Collectively evaluated for credit loss		117,180			1,108,927			456,600			20,498			13,293			179			1,716,677
Balance, end of year	$	118,611			1,112,132			457,099			20,498			13,293			179			1,721,812
Percent of loans in each category to total loans		6.9	%		64.6	%		26.5	%		1.2	%		0.8	%		0.0	%		100.0	%
Ratio of net charge-offs to average loans		0.50	%		—	%		—	%		(0.11	)%		0.45	%		54.09	%		0.04	%
2023
Allowance for credit losses on loans:
Balance, beginning of year, prior to adoption of ASC 326	$	1,300			3,609			624			86			22			5			5,646
Impact of adopting ASC 326	$	(512	)		1,440			836			446			(9	)		(5	)		2,196
Acquisition of Cincinnati Bancorp, Inc. - PCD Loans	$	—			90			403			—			—			—			493
Provision for (recovery of) credit losses		266			(176	)		689			(219	)		5			88			653
Acquisition of Cincinnati Bancorp, Inc. - provision for credit losses on non-PCD loans charged to expense		—			451			1,268			3			—			—			1,722
Losses charged off		(15	)		—			(4	)		(83	)		—			(166	)		(268	)
Recoveries		—			—			—			5			—			78			83
Balance, end of year	$	1,039			5,414			3,816			238			18			—			10,525
Individually evaluated for credit loss	$	2			12			5			—			—			—			19
Collectively evaluated for credit loss		1,037			5,402			3,811			238			18			—			10,506
Balance, end of year	$	1,039			5,414			3,816			238			18			—			10,525
Loans:
Individually evaluated for credit loss	$	107			3,293			537			—			—			—			3,937
Collectively evaluated for credit loss		120,434			1,102,351			460,067			25,600			11,000			82			1,719,534
Balance, end of year	$	120,541			1,105,644			460,604			25,600			11,000			82			1,723,471
Percent of loans in each category to total loans		7.0	%		64.2	%		26.7	%		1.5	%		0.6	%		—	%		100.0	%
Ratio of net charge-offs to average loans		0.01	%		—	%		—	%		0.28	%		—	%		117.65	%		0.01	%

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LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 4 - LOANS (Continued)

				Commercial,
	Commercial			Secured by			Residential
	& Industrial			Real Estate			Real Estate			Consumer			Agricultural			Other			Total
2022
2023
Allowance for credit losses on loans:
Balance, beginning of year	$	1,095			3,607			665			105			30			4			5,506
Balance, beginning of year, prior to adoption of ASC 326	$	1,300			3,609			624			86			22			5			5,646
Provision for (recovery of) loan losses		205			69			(81	)		(12	)		(8	)		77			250
Impact of adopting ASC 326		(512	)		1,440			836			446			(9	)		(5	)		2,196
Losses charged off		—			(67	)		(5	)		(37	)		—			(157	)		(266	)
Acquisition of Cincinnati Bancorp, Inc. - PCD Loans		—			90			403			—			—			—			493
Recoveries		—			—			45			30			—			81			156
Provision for (recovery of) loan losses		266			(176	)		689			(219	)		5			88			653
Balance, end of year	$	1,300			3,609			624			86			22			5			5,646
Acquisition of Cincinnati Bancorp, Inc. - provision for credit losses on non-PCD loans charged to expense		—			451			1,268			3			—			—			1,722
Individually evaluated for impairment	$	4			11			6			—			—			—			21
Losses charged off		(15	)		—			(4	)		(83	)		—			(166	)		(268	)
Collectively evaluated for impairment		1,296			3,598			618			86			22			5			5,625
Recoveries		—			—			—			5			—			78			83
Acquired credit impaired loans		—			—			—			—			—			—			—
Balance, end of year	$	1,039			5,414			3,816			238			18			—			10,525
Balance, end of year	$	1,300			3,609			624			86			22			5			5,646
Individually evaluated for impairment	$	2			12			5			—			—			—			19
Percent of loans in each category to total loans		8.6	%		66.9	%		21.8	%		2.0	%		0.7	%		—	%		100.0	%
Collectively evaluated for impairment		1,037			5,402			3,811			238			18			—			10,506
Ratio of net charge-offs to average loans		—	%		0.01	%		(0.01	)%		0.02	%		—	%		100.00	%		0.01	%
Balance, end of year	$	1,039			5,414			3,816			238			18			—			10,525
Percent of loans in each category to total loans		7.0	%		64.2	%		26.7	%		1.5	%		0.6	%		—	%		100.0	%
Ratio of net charge-offs to average loans		0.01	%		—	%		—	%		0.28	%		—	%		117.65	%		0.01	%

The ratio of the allowance for credit losses for loans to total loans at December 31, ~~2024~~2025 and ~~2023~~2024 was 0.7080% and 0.6170%, respectively.

For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date.

The following table presents the carrying value and related allowance of collateral dependent individually evaluated loans by class segment for the years ended December 31 (in thousands):

	2024				2023
	2025				2024
	Amortized		Related		Amortized		Related
	Cost Basis		Allowance		Cost Basis		Allowance
Commercial & industrial	$	—		—		—		—
Commercial, secured by real estate
Owner occupied		48—		—		7248		—
Non-owner occupied		~~2,642~~—		~~1,201~~—		—2,642		—1,201
Farmland		16—		—		5116		—
Multi-family		—		—		—		—
Construction		—		—		—		—
Residential real estate
Secured by senior liens on 1-4 family dwellings		~~527~~1,024		5023		—527		—50
Secured by junior liens on 1-4 family dwellings		—37		—		—		—
Home equity line-of-credit loans		75—		—		—75		—
Consumer		—		—		—		—
Agricultural		—		—		—		—
Other loans, including deposit overdrafts		—		—		—		—
Total	$	31,~~308~~061		~~1,251~~23		~~123~~3,308		—1,251

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 4 - LOANS (Continued)

The risk characteristics of LCNB's material loan portfolio segments were as follows:

Commercial & Industrial Loans. LCNB’s commercial and industrial loan portfolio consists of loans for various purposes, including, for example, loans to fund working capital requirements (such as inventory and receivables financing) and purchases of machinery and equipment. LCNB offers a variety of commercial and industrial loan arrangements, including term loans, balloon loans, and lines of credit. Commercial & industrial loans can have a fixed or variable rate, with maturities ranging from one to ten years. Commercial & industrial loans are offered to businesses and professionals for short and medium terms on both a collateralized and uncollateralized basis. Commercial & industrial loans typically are underwritten on the basis of the borrower’s ability to make repayment from the cash flow of the business. Collateral, when obtained, may include liens on furniture, fixtures, equipment, inventory, receivables, or other assets. As a result, such loans involve complexities, variables, and risks that require thorough underwriting and more robust servicing than other types of loans.

Commercial, Secured by Real Estate Loans. Commercial real estate loans include loans secured by a variety of commercial, retail and office buildings, religious facilities, hotels, multifamily (more than four-family) residential properties, construction and land development loans, and other land loans. Mortgage loans secured by owner-occupied agricultural property are included in this category. Commercial real estate loan products generally amortize over five to twenty-five years and are payable in monthly principal and interest installments. Some have balloon payments due within one to ten years after the origination date. The majority have adjustable interest rates with adjustment periods ranging from one to ten years, some of which are subject to established “floor” interest rates.

Commercial real estate loans are underwritten based on the ability of the property, in the case of income producing property, or the borrower’s business to generate sufficient cash flow to amortize the debt. Secondary emphasis is placed upon global debt service, collateral value, financial strength and liquidity of any and all guarantors, and other factors. Commercial real estate loans are generally originated with a 75% to 85% maximum loan to appraised value ratio, depending upon borrower occupancy.

Residential Real Estate Loans. Residential real estate loans include loans secured by first or second mortgage liens on one to four-family residential properties. Home equity lines of credit are included in this category. First and second mortgage loans are generally amortized over five to thirty years with monthly principal and interest payments. Home equity lines of credit generally have a five year or less draw period with interest only payments followed by a repayment period with monthly payments based on the amount outstanding. LCNB offers both fixed and adjustable-rate mortgage loans. Adjustable-rate loans are available with adjustment periods ranging between one to fifteen years and adjust according to an established index plus a margin, subject to certain floor and ceiling rates. Home equity lines of credit have a variable rate based on the Wall Street Journal prime rate plus a margin.

Residential real estate loans are underwritten primarily based on the borrower’s ability to repay, prior credit history, and the value of the collateral. LCNB generally requires private mortgage insurance for first mortgage loans that have a loan to appraised value ratio of greater than 80% or may require other credit enhancements for second lien mortgage loans.

Consumer Loans. LCNB’s portfolio of consumer loans generally includes secured and unsecured loans to individuals for household, family and other personal expenditures. Secured loans include loans to fund the purchase of automobiles, recreational vehicles, boats, and similar acquisitions. Consumer loans made by LCNB generally have fixed rates and terms ranging up to 72 months, depending upon the nature of the collateral, size of the loan, and other relevant factors. Consumer loans generally have higher interest rates but pose additional risks of collectability and loss when compared to certain other types of loans. Collateral, if present, is generally subject to damage, wear, and depreciation. The borrower’s ability to repay is of primary importance in the underwriting of consumer loans.

Agricultural Loans. LCNB’s portfolio of agricultural loans includes loans for financing agricultural production or for financing the purchase of equipment used in the production of agricultural products. LCNB’s agricultural loans are generally secured by farm machinery, livestock, crops, vehicles, or other agricultural-related collateral.

Other Loans, Including Deposit Overdrafts. Other loans may include loans that do not fit in any of the other categories, but it is primarily composed of overdrafts from transaction deposit accounts. Overdraft payments are recorded as a recovery and overdrafts are generally written off after 34 days with a negative balance.

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 4 - LOANS (Continued)

LCNB’s ~~uses~~management monitors the credit quality of its loans on an ongoing basis. This monitoring includes annual reviews for loans with a ~~risk~~principal balance greater than $1 million and bi-~~rating~~annual ~~system~~reviews tofor ~~quantify~~loans ~~loan~~with ~~quality~~a principal balance of more than $500 thousand through $1 million. A LCNB also has a loan isgrade ~~assigned~~monitoring system in place to atrack ~~risk~~and ~~category~~report ~~based~~loan ongrades ~~relevant~~and ~~information~~classifications, ~~about~~enabling the ~~ability~~identification and management of ~~the~~non-performing ~~borrower~~loans. toMajor ~~service~~factors used in determining loan grades vary based on the ~~debt~~nature ~~including~~of the loan, but ~~not~~commonly ~~limited~~include tofactors such as debt service coverage, ~~current~~internal ~~financial~~cash ~~information~~flow, ~~historical~~liquidity, ~~payment~~leverage, ~~experience~~operating performance, ~~credit~~debt ~~documentation~~burden, ~~public~~FICO ~~information~~scores, ~~and~~occupancy, ~~current~~interest ~~economic~~rate ~~trends~~sensitivity, and expense burden. ~~The~~ ~~categories~~Commercial ~~used~~real estate loans rated OAEM or worse are: reviewed at least quarterly for credit deterioration.

A loan is assigned to a risk category based on relevant information about the ability of the borrower to service the debt including, but not limited to, current financial information, historical payment experience, credit documentation, public information, and current economic trends. The categories used are:

•

Pass – loans categorized in this category are higher quality loans that do not fit any of the other categories described below.

•

Other Assets Especially Mentioned (OAEM) - loans in this category are currently protected but are potentially weak. These loans constitute a risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an undue risk in light of the circumstances surrounding a specific asset.

•

Substandard – loans in this category are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the possibility that LCNB will sustain some loss if the deficiencies are not corrected.

•

Doubtful – loans classified in this category have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

LCNB generally performs a classification of assets review, including the regulatory classification of assets, on an ongoing basis. The results of the classification of assets review are validated annually by an independent third-party loan review firm. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will utilize the more critical or conservative rating or classification. Loans with regulatory classifications are presented monthly to the Board of Directors.

LCNB evaluates the loan risk grading system definitions and allowance for loan loss methodology on an ongoing basis. No significant changes were made to either during the past year.

- 70-

Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 4 - LOANS (Continued)

The following table presents the amortized cost basis of loans by vintage and credit quality indicators at December 31 (in thousands). The December 31, ~~2023~~2024 table is shown for comparison purposes.

	Term Loans by Origination Year
													Revolving Loans		Revolving Loans
	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Converted to Term		Total
	2025		2024		2023		2022		2021		Prior		Amortized Cost Basis		Converted to Term		Total
2024
2025
Commercial & industrial
Pass	$	1715,~~844~~763		1112,~~914~~931		319,~~287~~383		2420,~~201~~832		614,~~930~~842		6,~~507~~225		1416,~~836~~190		—		~~113~~96,~~519~~166
OAEM		—95		—148		—		—611		~~1,416~~628		—1,189		—222		—		12,~~416~~893
Substandard		—		—		~~1,789~~62		—2,919		81—		—195		~~431~~406		—73		23,~~301~~655
Doubtful		~~1,375~~—		—1,391		—		—		—		—		—		—		1,~~375~~391
Total		1915,~~219~~858		1114,~~914~~470		339,~~076~~445		24,~~201~~362		815,~~427~~470		67,~~507~~609		1516,~~267~~818		—73		~~118~~104,~~611~~105
Gross charge-offs		—		—		~~588~~—		22—		—		—		—		—		~~610~~—
Commercial, secured by real estate
Pass		4373,~~461~~115		~~111~~51,~~706~~350		~~185~~117,~~003~~825		~~160~~221,~~126~~380		99147,~~709~~240		~~337~~352,~~270~~335		~~155~~98,~~686~~073		—		1,~~092~~061,~~961~~318
OAEM		—		—		~~3,755~~—		14,~~496~~947		~~175~~4,254		36,~~640~~602		—		—		915,~~066~~803
Substandard		—		—		72,~~399~~418		—12,508		—1,451		24,~~706~~546		—		—167		1021,~~105~~090
Doubtful		—		—		—		—		—		—		—		—		—
Total		4373,~~461~~115		~~111~~51,~~706~~350		~~196~~120,~~157~~243		~~161~~238,~~622~~835		99152,~~884~~945		~~343~~363,~~616~~483		~~155~~98,~~686~~073		—167		1,~~112~~098,~~132~~211
Gross charge-offs		—		—		—		—		—		—110		—		—		—110
Residential real estate
Pass		3342,~~898~~199		6031,~~232~~209		7352,~~984~~824		8673,~~712~~538		5280,~~241~~450		~~104~~133,~~254~~502		4152,~~482~~488		—		~~452~~466,~~803~~210
OAEM		—		—		—		—		—192		~~207~~855		—		—		~~207~~1,047
Substandard		—		~~394~~—		—643		~~289~~188		~~480~~277		21,~~912~~864		14122		—		43,~~089~~094
Doubtful		—		—		—		—		—		—		—		—		—
Total		3342,~~898~~199		6031,~~626~~209		7353,~~984~~467		8773,~~001~~726		5280,~~721~~919		~~107~~136,~~373~~221		4152,~~496~~610		—		~~457~~470,~~099~~351
Gross charge-offs		—		—		—27		—		—		—31		—		—		—58
Consumer
Pass		65,~~553~~598		53,~~053~~954		3,~~598~~047		2,~~792~~254		1,~~900~~305		~~491~~683		6654		—		2016,~~453~~895
OAEM		—		—		—		—		—		—		—		—		—
Substandard		—		—		4115		—27		—5		413		—		—		4560
Doubtful		—		—		—		—		—		—		—		—		—
Total		65,~~553~~598		53,~~053~~954		3,~~639~~062		2,~~792~~281		1,~~900~~310		~~495~~696		6654		—		2016,~~498~~955
Gross charge-offs		—		118		39—		34		—10		—2		—		—		4334
Agricultural
Pass		~~289~~2,285		~~1,458~~51		~~378~~1,246		~~149~~224		~~309~~54		29199		1011,~~681~~640		—		1315,~~293~~699
OAEM		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total		~~289~~2,285		~~1,458~~51		~~378~~1,246		~~149~~224		~~309~~54		29199		1011,~~681~~640		—		1315,~~293~~699
Gross charge-offs		—		—		—		—		57—		—		—		—		57—
Other
Pass		—		—		—		—		—		—		~~179~~210		—		~~179~~210
OAEM		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		~~179~~210		—		~~179~~210
Gross charge-offs		—		—		—		—		—		—		~~193~~206		—		~~193~~206
Total loans	$	~~103~~139,~~420~~055		~~190~~101,~~757~~034		~~307~~187,~~234~~463		~~275~~339,~~765~~428		~~163~~250,~~241~~698		~~458~~508,~~020~~208		~~223~~179,~~375~~405		—240		1,~~721~~705,~~812~~531

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 4 - LOANS (Continued)

	Term Loans by Origination Year
													Revolving Loans		Revolving Loans
	2023		2022		2021		2020		2019		Prior		Amortized Cost Basis		Converted to Term		Total
	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Converted to Term		Total
2023
2024
Commercial & industrial
Pass	$	17,~~169~~844		3011,~~518~~914		2931,~~587~~287		1124,~~426~~201		26,~~732~~930		56,~~641~~507		1614,~~919~~836		~~113~~—		~~114~~113,~~105~~519
OAEM		—		—		~~1,474~~—		—		—1,416		—		—		—		1,~~474~~416
Substandard		—		~~1,813~~—		—1,789		~~105~~—		~~1,592~~81		~~137~~—		~~1,315~~431		—		42,~~962~~301
Doubtful		—1,375		—		—		—		—		—		—		—		—1,375
Total		1719,~~169~~219		3211,~~331~~914		3133,~~061~~076		1124,~~531~~201		48,~~324~~427		56,~~778~~507		1815,~~234~~267		~~113~~—		~~120~~118,~~541~~611
Gross charge-offs		—		—		—588		—22		—		15—		—		—		15610
Commercial, secured by real estate
Pass		9943,~~055~~461		~~200~~111,~~735~~706		~~156~~185,~~865~~003		~~109~~160,~~810~~126		9299,~~895~~709		~~283~~337,~~564~~270		~~141~~155,~~354~~686		~~6,056~~—		1,~~090~~092,~~334~~961
OAEM		—		~~7,671~~—		—3,755		—1,496		—175		3,~~004~~640		—		—		109,~~675~~066
Substandard		—		—		—7,399		—		~~1,648~~—		2,~~987~~706		—		—		410,~~635~~105
Doubtful		—		—		—		—		—		—		—		—		—
Total		9943,~~055~~461		~~208~~111,~~406~~706		~~156~~196,~~865~~157		~~109~~161,~~810~~622		9499,~~543~~884		~~289~~343,~~555~~616		~~141~~155,~~354~~686		~~6,056~~—		1,~~105~~112,~~644~~132
Gross charge-offs		—		—		—		—		—		—		—		—		—
Residential real estate
Pass		5533,~~232~~898		8360,~~511~~232		~~107~~73,~~120~~984		6286,~~177~~712		1952,~~208~~241		95104,~~643~~254		3341,~~800~~482		—		~~456~~452,~~691~~803
OAEM		—		—		—		—		—		18207		—		—		18207
Substandard		—		~~446~~394		—		~~217~~289		—480		32,~~062~~912		~~170~~14		—		34,~~895~~089
Doubtful		—		—		—		—		—		—		—		—		—
Total		5533,~~232~~898		8360,~~957~~626		~~107~~73,~~120~~984		6287,~~394~~001		1952,~~208~~721		98107,~~723~~373		3341,~~970~~496		—		~~460~~457,~~604~~099
Gross charge-offs		—		—		—		—		4—		—		—		—		4—
Consumer
Pass		86,~~087~~553		5,~~820~~053		43,~~868~~598		42,~~671~~792		1,~~382~~900		~~304~~491		~~460~~66		—		2520,~~592~~453
OAEM		—		—		—		—		—		—		—		—		—
Substandard		—		—		—41		—		8—		—4		—		—		845
Doubtful		—		—		—		—		—		—		—		—		—
Total		86,~~087~~553		5,~~820~~053		43,~~868~~639		42,~~671~~792		1,~~390~~900		~~304~~495		~~460~~66		—		2520,~~600~~498
Gross charge-offs		—		—1		6239		213		—		—		—		—		8343
Agricultural
Pass		~~1,883~~289		~~464~~1,458		~~197~~378		~~694~~149		46309		3129		710,~~685~~681		—		1113,~~000~~293
OAEM		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total		~~1,883~~289		~~464~~1,458		~~197~~378		~~694~~149		46309		3129		710,~~685~~681		—		1113,~~000~~293
Gross charge-offs		—		—		—		—		—57		—		—		—		—57
Other
Pass		—		—		—		—		—		—		82179		—		82179
OAEM		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		82179		—		82179
Gross charge-offs		—		—		—		—		—		—		~~166~~193		—		~~166~~193
Total loans	$	~~181~~103,~~426~~420		~~330~~190,~~978~~757		~~300~~307,~~111~~234		~~189~~275,~~100~~765		~~119~~163,~~511~~241		~~394~~458,~~391~~020		~~201~~223,~~785~~375		~~6,169~~—		1,~~723~~721,~~471~~812

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Table of Contents

LCNB CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2024~~2025

(Continued)

NOTE 4 - LOANS (Continued)

~~LCNB~~A ~~generally~~loan ~~performs~~portfolio aaging ~~classification~~analysis ~~of assets review, including the regulatory classification of assets, on an ongoing basis. The results of the classification of assets review are validated annually~~ by anclass ~~independent~~segment ~~third-party~~at December ~~loan~~31 ~~review~~is ~~firm.~~as Infollows ~~the event of a difference~~ (in rating or classification between those assigned by the internal and external resources, the Company will utilize the more critical or conservative rating or classification. Loans with regulatory classifications are presented monthly to the Board of Directors.thousands):

LCNB evaluates the loan risk grading system definitions and allowance for loan loss methodology on an ongoing basis. No significant changes were made to either during the past year.

													90 Days
													or More
	30-59 Days		60-89 Days		90 Days or More		Total				Total Loans		Past Due
	Past Due		Past Due		Past Due		Past Due		Current		Receivable		and Accruing
2025
Commercial & industrial	$	74		—		—		74		104,031		104,105		—
Commercial, secured by real estate:
Owner occupied		—		—		—		—		219,273		219,273		—
Non-owner occupied

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